Finance
A Florida homebuyer uses a 'piggyback' loan (80-10-10 structure). This means:
AThree separate lenders share the loan
BThe buyer gets a first mortgage for 80%, a second mortgage for 10%, and pays 10% down — avoiding PMI✓ Correct
CThe first lender piggybacks their loan onto the seller's mortgage
DThe buyer pays 10% now and the rest in installments
Explanation
An 80-10-10 piggyback structure uses: a first mortgage at 80% LTV (avoiding PMI), a second mortgage at 10%, and a 10% down payment. This allows buyers to avoid private mortgage insurance while only putting 10% down.
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