Finance
A cooperative financing arrangement called a 'piggyback loan' involves:
AA veteran using their VA benefit with a co-borrower
BA first mortgage plus a simultaneous second mortgage to avoid PMI or increase down payment✓ Correct
CTwo buyers jointly financing one property
DA construction loan that converts to permanent financing
Explanation
A piggyback loan combines a first mortgage with a simultaneous second mortgage, allowing buyers to avoid PMI by keeping the first mortgage at or below 80% LTV.
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