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Commonwealth Mortgage Group, LLC
325 Oakton Avenue
Pewaukee, WI 53072
Office: (262) 691-6100
Toll Free: (888) 298-3600
Fax: (262) 691-2112
info@gocmg.net
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Combo Loans
Combo loans are available in various increments:
80/20, 75/25, 80/15/5 and 80/10/10. These loans
split the financed amount into two individual
loans. The first loan is either 75% or 80% of
the purchase price while the second loan is the
remaining amount of the purchase price with an
option to have a down payment of either 5% or
10%. Down payments decrease the risk for the
lender which can lead to better rates for the
consumer. This loan is one way to avoid Private
Mortgage Insurance (also known as PMI) and still
finance over 80% of your home’s value. Downsides
to this type of loan are the additional closing
costs and higher interest rates associated with
the second mortgage.
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