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An assumable mortgage can be a great way to purchase a home. PRMI’s Piggyback HELOC may help bridge the gap between the seller’s existing mortgage balance and the home’s purchase price.
HOW IT WORKS:
1. First Mortgage
The borrower assumes the seller’s existing mortgage, subject to approval and eligibility requirements.
2. Second Loan
A HELOC helps finance the remaining purchase price, when the assumed mortgage doesn’t cover the full amount.
3. Potential Benefits
Take advantage of an existing mortgage’s favorable terms while potentially reducing the cash needed at closing.
Borrowers must meet applicable qualification, credit, and combined loan-to-value requirements. Approval and HELOC availability depend on program guidelines.
Got questions? Reach out today for more information!
📧 [email protected]
📞 (214) 736-9466