Piggyback Mortgages

Pros
Also known as 80-10-10 loans, Piggyback Mortgages eliminate the need for Private Mortgage Insurance (PMI) by allowing borrowers to access equity in the space as the down payment. Basically, a second mortgage is "piggybacked" onto the original mortgage loan. 

This “piggybacked” loan helps to cover part of the down payment, and has a term length as long as the original mortgage. When compared to PMI, a piggyback mortgage might be a cheaper alternative. For example, if the first loan covers 80% of the home, a piggyback loan would cover an additional 10% of the mortgage; this reduces the down payment to 10%. Equity in the property accumulates faster, because extra payments are made towards the principal, and you can obtain a larger mortgage loan while avoiding a jumbo loan’s higher interest rate or monthly PMI payments.

Cons
Not everyone will qualify for a piggyback loan, and the savings aren't guaranteed. Also, you will have to make two separate mortgage payments each month. Tax laws might limit the amount of mortgage interest you can deduct from your taxes. Finally, the interest rate for the second loan might be higher.