80-10-10 Loan
Could someone explain how working a 80/10/10 loan works please? I don't qualify for a conventional loan, but I do for an FHA loan and there's a house I'm considering that qualifies for an FHA, but I'm recalcitrant considering that I'd be paying the FHA insurance (that never goes away). However my realtor said that the lender can structure something using an 80/10/10 that avoids FHA. What are the pros and cons of a finance structure like this?