Piggyback Combination Loans
Olympic 1st and 2nd Piggyback Combo helps borrowers obtain jumbo loan amounts while retaining lower agency pricing.
Why go for the Olympic Piggyback Combination Loan?
- Get agency rates above agency loan limits. If your borrower needs a loan amount higher than agency loan limits and a high CLTV, a piggyback combination can do it.
- Avoid mortgage insurance with minimal down. By borrowing 80% on the 1st and 10% to 15% on the 2nd, you avoid triggering MI requirements.
- Get cash out over 80% CLTV without a price bump. You can’t do it with FNMA or FHLMC, but you can with a piggyback combo! A rate & term on the 1st and cash out on the 2nd makes it work.
- Alternative to agency high balance. When your loan amount is just over the conforming loan limit and is priced as a high balance, a conforming 1st and small 2nd may have a lower rate and payment.
- Purchase to 95% CLTV (restrictions apply)
- 80/10 Rate & Term or Cash Out
- 2nd lien is tied to any 1st Conforming or High Balance Agency
- 2nd loan amounts: $25,000 – $250,000
- Overlays to FNMA DU:
- Maximum 43% DTI <= 90% CLTV
- Maximum 41% DTI > 90% CLTV
- Minimum 680 credit score <= 90% CLTV
- Minimum 700 credit score with CLTV > 90%
- 1st mortgage term options:
- Fixed: 30, 20, 15 and 10 years
- ARMs: 7/1 and 5/1
- 2nd mortgage terms option: 20 years
- Primary residence or second home
- Fully delegated with both loans underwritten concurrently
How does Olympic compare to other Newfi Wholesale options?
At LTVs above 90%, Olympic requires lower reserves than the Biscayne Delgated Jumbo, making it easier to qualify for. Typically, Olympic’s rates and payments are lower than those of the Denali Jumbo & Non-QM Loan Program.
For more information
See the latest guidelines, or call the Newfi Wholesale team at 888-415-1620!