What is An 80/10/10 mortgage?

Also called an 80/10/10 or combination mortgage, it involves getting two loans at once to buy one home. The strategy can save you money. Here’s what to know. What is a piggyback loan? In a piggyback loan, instead of financing a home purchase with a single mortgage, you’re doing it with two.

How can I avoid a jumbo loan?

If you want to avoid a jumbo loan, you might be able to finance the purchase of a more expensive home with an 80-10-10 mortgage, also known as a piggyback loan. Rocket Mortgage doesn't offer these. In this loan type, you take out two mortgages, one for 80% of the home’s purchase price and a second one for 10%.

What is the maximum jumbo loan amount?

Lenders vary and will have different requirements for jumbo loans. One of the biggest differences between lenders is the maximum loan amount they'll be willing to back. At Rocket Mortgage ®, maximum limit for jumbo loan is $3 million. For VA jumbo loans, the maximum limit is $2.5 million.