80-10-10 mortgage

80-10-10 mortgage

A type of mortgage arrangement with 80 percent of the purchase price paid by a first mortgage, 10 percent paid by a second mortgage, and the final 10 percent in down payment; sometimes used in order to avoid having a 90 percent first mortgage and the required private mortgage insurance premiums.
References in periodicals archive ?
The Mortgage Insurance Companies of America (MICA) notes that some loan originators have been promoting "split" loan structures such as 80-10-10 mortgages without mentioning the downsides of this option for a number of families.