What Is A Silent Second Mortgage

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The State of California Housing and Community Development Department awarded grants to MHDC that provide silent second mortgage loans to very low- and.

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A silent second mortgage is a type of mortgage that is taken out on a property that already has a mortgage with the holder not.

How Do I Buy A House With No Money Down

A silent second mortgage is a second lien mortgage which is obtained without informing the first lien holder. This means that the first mortgage holder on your property is unaware of the fact that there’s a second mortgage on the property. Buyers take this type of silent loans to provide for the downpayment on the first mortgage.

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Now, it being "silent" has far a different meaning that the first kind of silent second mortgage. Legal silent second mortgages are designed to help deserving homebuyers afford a home. Moreover, the primary lender is made aware of this down payment assistance. It is silent because this secondary mortgage only becomes due once the primary mortgage is completely repaid. This means that the borrower can focus their effort and resources in paying off the original loan first while the.

Unless they pay off the reverse mortgage, they will not inherit the house. Also, HECMs are not cheap. They are expensive when compared to home equity lines of credit and second mortgages, particularly.

Established by loan originators Rob Wolfe, Breon Price, and a silent third partner. personalized experience and one-stop shop for consumers. Motto Mortgage is the second member of the RE/MAX.

Silent second shared equity financing is one of these. It’s a program offered by a government entity or a non-profit agency to assist low-income families buy a home they couldn’t otherwise afford. There are income limitations as well as other restrictions, but it can mean the realization of the dream of homeownership if you qualify.