Anyone know about an 80/10/10 second mortgage?

[Bobmac]

Buying a second home in sarasota Florida. Planned on putting 140,00 down on a 300,000 home. Currently owe 190,000 on a home worth 320,000. All ready to make settlement on September 30th. Broker just asked if I'm interested in a 80/10/10. No clue what the advantages or disadvantages are. Anyone ever done this? Any help would be appreciated. Told her I'd call her Monday to discuss.

 

[LA Burns]

you have no need to consider an 80/10/10 - has to do with putting down 10% and borrowing the other 10% via a 2nd mortgage

b/c you are putting down almost 50% this shouldn't even be in the conversation - seems to me the broker may have suggested that route so that you might borrow more money meaning bigger commission for her -

is this someone you know?

 

[Bobmac]

I don't know her. She just emailed me tonight and asked about it. Never heard of it. Looking for my best option for tax breaks. I thought it was kind of strange to ask me this now. I'll obviously read up on this over the weekend. Just figured I'd check in here.