Piggyback Mortgage Loans

Down payments often represent the biggest financial hurdle for many borrowers. One way around this problem is to use a piggyback mortgage strategy. The idea is to go after a conventional first loan for 80 percent of the purchase price of the home and then also apply for a second to cover the additional 20 percent in debt. Taking this approach, one essentially covers the entire cost of the home by piggybacking the loan packages.