buying a home - combo loans
I'm trying to buy a house and so started talking to a loan broker. Right now he's trying to sell me on getting a combo loan - I put 10% down, and get 80% 30-year loan plus a home equity loan for the remaining 10%. His reasoning is (I guess) that having two loans is better than paying morgage insurance premiums. Either way I only have the 10% to put down.
It sounds like a bad idea to me (why would I want to get two loans?), but on the off chance that I'm wrong, is this a bad idea?