With an 80/20 mortgage, you will have two loans for your home. You will have a primary mortgage for 80% of the home and a "piggyback" mortgage for the remaining 20%. This allows you to finance a home without a down payment. The primary loan will have a loan term of 15-30 years. The secondary loan will have a term of 5-20 years.

Our 80/20 home loan program is available for attached or detached single-family, primary residences (this includes condominiums) located in MD, D.C., DE, NJ, PA, NC, SC, and VA and is subject to credit approval.

Private mortgage insurance (PMI) is typically required for a home loan when you make less than a 20% down payment. However, with an 80/20 loan, the second "piggyback" mortgage covers the remaining 20%, which eliminates the need for PMI.

Paying private mortgage insurance can be expensive, as it typically adds 0.5% to 1% of the loan amount annually to your mortgage payments. If you can avoid paying private mortgage insurance, you can redirect the money you save toward paying down the principal on your mortgage, allowing you to build equity more quickly and save on interest.

Closing costs apply with our 80/20 mortgage loan. However, the program allows Seller Assistance of up to 3% of the purchase price to help with this expense. For example, if you are buying a $250,000 home, you may be able to negotiate up to $7,500 in Seller Assistance. 

Credit unions are member-owned, non-profit mortgage lenders that prioritize serving their members. Because of their non-profit status, they typically have lower interest rates and fewer or lower fees than traditional banks. Credit unions also provide personalized service to their members, and they take the time to understand members’ needs to provide customized solutions.

Yes, you will need to become a member to apply for our 80/20 Loan Program. Membership is open to anyone who lives, works, worships, attends school, or volunteers in Hartford County, Cecil County, Baltimore County, or Baltimore City, or you are an immediate family member or household member of anyone meeting the above criteria. Members of the immediate family or household or a credit union-eligible individual, may join. That credit union-eligible individual does not need to join the credit union to extend membership eligibility to the immediate family or household member.