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.The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.