Combo or Piggyback Loans Are Back!

A combo or piggyback loan is a great mortgage product especially with a downpayment of less then ten percent in order to avoid mortgage insurance. In terms of the loan amount they can go up to 1,275,000. Also, it can be used on a refinance for home improvement or debt consolidation purposes or to have an available credit line for future use. Typically, the second loan has an interest only option for the first ten years or a principal and interest payment.