Purchase Money 2nd Mortgages (Piggyback)
	A Home Piggyback can be used as a purchase money second or a stand-alone second mortgage. Purchase money second mortgages are a great way to eliminate mortgage insurance and receive a greater tax deduction (mortgage insurance is non-tax deductible).
	Purchase Money 2nd mortgage Facts Purchase money second mortgages (fixed or Heloc) are processed concurrently with a first mortgage. You can select a fixed rate for 15,20, or 30/15 (30 due in 15 balloon) term. Contact your MorNext Home Loan Advisor to find out more about this option.
	Piggyback 2nds
	Loan Purpose	Can This Loan Be Used?	Largest Loan Amount	Minimum Equity  after loan is closed
	Buying a home   Standard Refinance   Refinance cash out	Yes Yes Yes	$350,000* $500,000 $350,000 $500,000 $350,000 $500,000	5% 10% 10% 15% 10% 15%
	* Combined with first Mortgage