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Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

80-10-10 Loan

Function: noun

Definition 1:
See "Combination loan". An 80-10-10 loan is also referred to as a piggy back loan or piggy back mortgage. An 80-10-10 loan allows a borrower to pay 10% down, borrow 80% of the purchase price on one loan, and get a second mortgage for the remaining 10%. This type of loan is popular as it avoids the PMI private mortgage insurance expense. Another advantage is that your total payments are tax deductable.