80-10-10 programs are often referred to as “piggyback” financing. This option, however, will require a 10% down payment. Simply put, the piggyback financing is when you take two mortgages. The first mortgage is a loan on your home and the second to cover additional 10% for the down payment. Such structure is often referred to as 80/10/10, in which 80% is your home loan, 10% second mortgage and 10% down payment.
This type of program will help avoid having to pay mortgage insurance.