Silent 2Nd Mortgage

It's not an “all comers” loan option because of the additional financial burden a second mortgage can put on the home owner, but the VA will.

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Arvest Bank/Robert And Helen Scharfer Revocable Trust to Charles Mackey, 1524 Mountain Drive, Little Rock, L143, Leawood Manor 2nd, $192,000. $180,000. Gateway Mortgage Group, LLC to Gateway.

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Silent Second Mortgage Loan Fraud. So the borrower approaches a new financer, qualifies for a $15,000 loan, and purchases the home by giving his first lender $5,000 plus $15,000 from the silent second. However, his original financer is completely unaware that the majority of the borrower’s down payment is from a second mortgage loan.

Even though that might take a little time, patience and some extra instruction: “You have the right to remain silent, that.

Who Can Gift Money For Mortgage Down Payment  · Short term: If you plan to apply for a mortgage loan soon, you can start rounding up your bank statements and other asset-related documents. Ask your lender what kind of information the underwriter will need to source and season your down-payment.

The FHA-insured first mortgage, when combined with any second mortgage or other junior lien from a government agency or nonprofit agency considered an instrumentality of government, may not result in cash back to the borrower. The FHA-insured first mortgage cannot exceed the FHA statutory limit for the area where the property is located.

However, sometimes 4% funding isn't enough. If that's the case for you, there is also a 5% "silent" 2nd mortgage available through CHFA. The silent 2nd will fund .

The loan is in second position behind primary financing from a mortgage lender and is typically known as a “silent second” because of the 0% rate and $0.

To make the deal work, the seller agrees to accept a silent second mortgage for $15,000. As far as the first mortgage lender knows, the down payment is $20,000, but in fact, it is only $5,000. The silent second increases risk to the first mortgage lender because it takes only a 2.5% decline in home value to eliminate the borrower’s equity – rather than the 10% decline that the lender counted on.

A silent second mortgage is a second mortgage placed on an asset for down payment funds that are not disclosed to the original mortgage lender. Enter the silent second mortgage, a loan provided to a home buyer in order to cover the down payment, says Joseph Tsentner, a mortgage loan officer with Freedom Mortgage in New York.