Closed on Oct 20, 2020
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Piggyback Mortgage Loan Program in Hoboken, NJ – Serving California, Colorado, Connecticut, Florida, Georgia, Maryland, New York, New Jersey, Pennsylvania, Rhode Island & Washington D.C.


This program allows buyers to put down 10% and obtain a 1st mortgage for 80% and a second mortgage of 10% which will cover the purchase price. On the surface, this sounds like a simple deal to structure, but it must be dome carefully or the benefit becomes a drawback. It’s called a piggy-back loan because one loan “sits on top of” the other loan. Northstar Funding loan professionals will get the best possible rate and term on the first mortgage, then find a 2nd that has equally attractive terms. Many 2nd mortgages have balloon payments after a few years, and that may not be something that works for all borrowers.

Careful planning, attention to detail, and putting a pencil to paper will help work out all the options. After looking at all the different ways of structuring the deal, the borrower can select what’s best.


The benefit is the elimination of mortgage insurance (PMI) which is a great savings for buyers.


This program is available for purchases and refinances with a minimum credit score of 700. Eligible properties are 1 to 2 family primary residences and condos.

  • Combined loan amounts up to $750,000 qualify for 90% financing through our 80/10/10 program.
  • Combined loan amounts up to $1,275,000 qualify for 85% financing through our 80/5/15 program.

We use the same appraisal for both loans. There are no condo questionnaires for the 2nd mortgage. If you need any more information please contact Northstar Funding.

Pick a loan option for you
Or Call 800-917-1595