Piggyback Second Lien ProgramLower Down Payments without Mortgage Insurance
Serve borrowers who want to put less than 20% down on their property and not pay mortgage insurance with the Piggyback Second Lien. Paired with Change’s Community Mortgage or Investor first mortgage, this fixed-rate, 30-year-term loan offers quick qualifying based on common-sense underwriting and reduces the equity out of pocket that the borrower must use for their primary residence, second home, or investment property purchase.
- Second loans up to $500K
- CLTV up to 85%
- Debt-to-Income not calculated
- Qualify based on LTV, FICO, and reserves
- Income documentation not required
- Income not stated
- Second loan must close at the same time the first loan is closed with Change Wholesale
- Interest-only for the first 10 years; fully amortized over remaining 20 years
- FICO beginning at 680
The Piggyback Second Lien is ideal for borrowers securing a first lien with the Community Mortgage or Investor program who want to qualify using LTV, FICO, and reserves, preserve equity, or pay a lower down payment (but not have to pay for mortgage insurance) on their property purchase.