Did you realize that we still allow the seller to take back a second mortgage to facilitate the sale of their home?
We do!
This can come in very handy for getting deals closed, where they otherwise wouldn’t be able to.
Here are some of the requirements of the seller seconds…
1) Subordinate liens must be recorded and clearly subordinate to first mortgage lien.
2) Second mortgage must be documented on loan application to correctly show Total Housing Ratio and CLTV.
3) Monthly payments remain constant for each twelve-month period over the term of the loan.
Ineligible Second Mortgages:
1) Mortgages with negative amortization.
2) Subordinate financing with “wraparound” terms that combine the indebtedness of the first and second mortgages.
3) Subordinate financing that does not fully amortize under a level monthly payment plan.
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I have a new limited time “no closing costs” coupon I’m offering – please click this link and enter this special code…
9934
You can print the coupon off and submit it with your application to get your cash at closing!
I hope you have a great day! Thanks for reading!
Brett
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