silent second (1) A second mortgage placed on a home, usually in favor of the seller, so that a purchaser can buy the home even without a sufficient down payment.They are called silent because the first lender does not know about the second mortgage and might not have approved the first mortgage if it had known the borrower did not have enough money for a downsecond.
Dti For Mortgage A debt-to-income ratio (DTI) is a personal finance measure that compares the amount of debt you have to your overall income. Lenders, including issuers of mortgages, use it as a way to measure.
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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.
– The silent second mortgage is a loan taken by the borrower to provide a down payment of 20%. The primary lender funding 80 % of the house value rests assured that in case of depreciation there will be equity of 20%, when in fact the borrower may have contributed only 5% and taken a silent second mortgage loan of 15% to make the down payment.
Assistance amount is for what a buyer needs and qualifies for, in the form a silent second mortgage. Silent second mortgage is forgiven after 45 years. If selling home in the future, home is subject to re-sale restrictions to other low income buyers, which could effect marketability when selling in the future.
80-10-10 Mortgage An 80-10-10 loan is essentially two mortgages combined into one package to help borrowers save money and avoid paying private mortgage insurance, or PMI. The first loan is a traditional mortgage and covers 80% of the cost of the home.What Does Underwrite Mean But what is an underwriter and what can you expect from the underwriting process? What is an Underwriter: Unseen Approver of Your Mortgage | realtor.com It looks like Cookies are disabled in.
Silent second mortgages are used when a buyer can’t afford the down payment required by the first mortgage. The legal way to do it is by seeking government assistance; though that’s not always the case. Silent second mortgages you shouldn’t use