Piggyback Loans

MortgageDepot is pleased to announce the roll-out of a Simultaneous Home Equity Line of Credit when combined with a First Mortgage loan for either conventional or high-balance loan. There are many reasons why a piggyback loan is the right choice for you. either its good to avoid paying PMI or avoid Jumbo interest rates the piggyback loan is a loan that is a solution for many.

We have partnered with a Bank to offer this product.

Please see below for the product overview.

Some highlights include –

• HELOC Rate is current prime rate plus margin below:
• CLTV > 80%: 1.99%
• CLTV 70.01% – 80%: 1.49%
• CLTV 70% and less: 0.99%
• Draw Period: Years 1-10; interest-only payments required during draw period.
• Repayment Period: Years 11-30; principal and interest payments amortized over the remaining term of the loan.
• SFR, 2 Unit & Condos Accepted.
• Second Home Accepted.
• 1st Loan can be a Purchase or Refinance.
• Minimum HELOC line amounts begin at $25,000. Maximum HELOC line amounts up to $500,000.
• No additional document overlays.
• Fico Scores as low as 700.
• DTI as high as 45%
• Gifts / Gift of Equity / Seller Concessions accepted.
• No Prepayment Penalties.
• No additional reserves required.

To find out more why this piggyback loan is right for contact our office for more clarification on the program and what it offers.