(Closed) Anybody financed a home with a piggyback loan recently?

posted 6 years ago in Home
Post # 3
Member
8446 posts
Bumble Beekeeper
  • Wedding: April 2013

@Ms. Kitty:  I haven’t heard of anyone getting one of these since the market crashed.  I’d just say shop around and see.  Best of luck.

Post # 4
Member
3885 posts
Honey bee
  • Wedding: September 2011

You’ll need to look for a loan that’s NOT backed by Fannie, Freddie or the VHA, as I’m pretty sure that the post-economic-meltdown lending requirements through these agencies will not allow this kind of loan any more. You may need to look at credit unions, and online-only non-banking mortgage lenders as most of the loans through traditional lenders are underwritten by one of those agencies In some form or another.

Post # 5
Member
7311 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

Back when we first started looking (so a bit more than 2 years ago), we were working with First Place Bank and their loan officer was actually urging us to consider a piggyback loan, even though we had a 20% downpayment. It felt strange to us. But maybe that could be a place for you to start. They are based in Ohio.

Post # 6
Member
10366 posts
Sugar Beekeeper
  • Wedding: September 2010

Some credit unions don’t require PMI on under 20% down loans. I’d look into that. Otherwise, piggyback and other toxic loans are what sank the housing market. They are gone for a reason – they are very high risk for the lenders!

The topic ‘Anybody financed a home with a piggyback loan recently?’ is closed to new replies.

Find Amazing Vendors