Information from Broker in Question,My husband 's a using broker recommended by our retired broker. We want to purchase a home asking $560,000. My zestimite is $500,000 to $530,000. Needs renovation and addition as well. Architect estimates $150,000 to complete. New value of home would be $ 710,000 which qualifies for a 203k mortgage from my research. My husband spoke with broker last week. Husband's criteria : Smallest amont down as possible, 30 yr fixed, 60 day lock. Thought that The 150 k for construction would would have to come from our savings ( He is pretty With the above criteria broker told husband that jumbo 30 yr fixed was our only option. He said that banks are no longer doing piggyback loans. Had no thoughts about us paying for the renovations out of pocket. We have 800 and 770 credit scores. Husband' salary more than qualifies. We're financially secure, money is invested, sold home last year , and relocated. Had a 30 yr fixed for four years , refinanced to 15 yr fixed which we paid in fuller sale. Is he correct about the piggyback loan? Why didn't the 150 k in cash addressed ? Why not use it to has lower loan below 410 k? Is there a legitimate explanation ?June 08 2008 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.