Second Mortgages

If you're not able to produce a 20% down payment for purchasing a home, but want to avoid the additional expense of private mortgage insurance (PMI), First Horizon's combined second mortgages can help.

Instead of taking out a single mortgage, we can "split" your total mortgage into a first and second mortgage, eliminating the PMI requirement. These are often called combination loans. Usually, these loans divide your mortgage into these percentages:

First mortgage equals 80% of the sales price
Second mortgage equals 15% of the sales price
You'll need to produce a 5% down payment

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