Combo Mortgage

A Combo Mortgage, sometimes called an 80/10/10 mortgage, is actually two mortgages in one: a first mortgage and a home equity loan.


Benefits:

• Purchase a home using a lower down payment, holding onto more of your savings
• Avoid paying for private mortgage insurance with less than 20% down
• May be more affordable than a Jumbo Mortgage
 

Metro's Combo Mortgage is available on single family residences and condos for purchase. You may borrow up to 90% of the purchase price. 


Here is an example of how your Combo Mortgage could be structured: 

• 80% represents the first mortgage
• 10% represents the home equity loan
• 10% represents the minimum down payment

A Combo Mortgage doesn't have to exactly follow the example above – you can choose how you’d like to structure your loan; however, a minimum down payment of 10% is required. So you could, for example, have a 70/20/10 Combo Mortgage.

No matter how you structure your Combo Mortgage, private mortgage insurance (PMI) is never required.

Ask us about other combinations!
 

Apply Now

To speak to a Mortgage Specialist, please call 877.696.3876 or email us today.


Homeowners insurance required and flood insurance where necessary. Subject to credit approval. Other restrictions may apply. Applicants are subject to complete underwriting based on program guidelines; not all applicants will qualify. Rates subject to change.