What is a Piggyback Loan and How Does it Work?
Courtesy of Gene Mundt, Portfolio Mortgage, Chicago Definition and Purpose of a Piggyback Loan: To reduce the amount of the first loan amount, used in addition to a Borrower’s own funds (Down Payment). Advantages of Using a Piggyback Loan: The Piggyback is typically used to reduce the first loan amount to an 80% level, so as …