This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid Private Mortgage Insurance or to keep a first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower makes a 5% down payment, finances a first mortgage up to the FNMA/FHLMC limit, and then takes on a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/5.