AVOID EXPENSIVE PMI WITH A "COMBO-LOAN"

This popular program is now back, on a limited basis. Known as 80-10-10 financing, this was a very popular way to structure financing to avoid expensive mortgage insurance. The program was virtually eliminated due to the declining real estate values nationwide. But, now with a stabilizing homes market, I am able to offer this program for purchase and refinance customers in Middlesex and Worcester Counties of Massachusetts.

Simply put, the program sets the First Mortgage at 80% of the property value. The Second Mortgage is then set at up to a total of 90% of property value. Under this arrangement, there is no PMI needed on the first mortgage - saving the borrower hundreds of dollars per month and thousands per year!

A complete pre-approval for financing should be obtained to determine eligibility, rates, and costs associated with this great program. I will provide a side-by-side analysis of this program versus a conventional 90% financing option.