Welcome to Second Mortgage Guide
Second Mortgage Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Your Mortgage – Second Soft Loan Program Explained
from:When it comes to a second mortgage you do not have to worry if you are low income. Just as with a first mortgage, second soft mortgage options are a low income solution that you may qualify for. You have probably found many programs that offered good first mortgage options for low income families and that is what a soft mortgage is.
The option for a mortgage second soft program is not available to everyone. You must meet certain criteria. However, if you do apply it may just be the answer you have been looking for. The mortgage second soft program allows you to qualify for a second mortgage and get the money you need.
Eligibility Requirements
As mentioned, the mortgage second soft program is a guideline based program. These programs exist at the state level and are run by each state individually, so the actual eligibility requirements may vary. It is very important that you check into your state guidelines. However, here are the standard requirements for the mortgage second soft program:
- You are a first time home buyer.
- Completion of a homeowner’s education course both before and after the loan closing.
- You are within the income limits.
- Your assets are within the limits.
- The home must be your primary residence.
- A minimum down payment of 3% must be made.
Limitations on your Income and Assets
Two areas of the requirements for eligibility that are always going to be included in every state’s mortgage second soft program are:
• limits on income
• and assets.
These limitations help to keep the program available to those who only truly need it.
In general, though this can vary from state to state, income limits state that your household income needs to fall at 100% or less of the median income in the area for your household size.
The asset limits, which may also vary from state to state, are usually that your assets can not be more than $75,000. Assets are considered bank accounts, investments and real property. You will need to check on the actual definition of assets in your state.
A mortgage second soft program is a way for you to qualify for a second mortgage when you are denied based upon income. You will not only qualify but you will also see other benefits, like:
• No charge for points, which are extra fees added on by lenders.
• Interest only payments for the first 10 years of the loan.
• No requirement to purchase private mortgage insurance.
You can secure this type of mortgage by asking at a local bank or lender who should have the information on how to apply for the program in your area.
Other Second Mortgage related Articles
125 Second Mortgage
Second Mortgage
Second Mortgage Rate
What A Second Mortgage Is
125 Second Mortgage Loan
Recommended Products
Do you want to contribute to our site : submit your articles HERE
Second Mortgage Specific links
Watch Free Videos At Mevio!
- Tons of Free Videos, Only At Mevio.com
-- http://www.mevio.com/
Modern Day Jesus: Santa vs. Jesus
- Jesus Christ! Modern day life is pretty tough for ol' J.C. - especially when he has to compete with that conceited Kris Kringle! Watch it on Atom.com
-- http://www.atom.com/
Second Mortgage News
Robust birth rate, falling lending rates, could spur recovery - Salt Lake Tribune
Robust birth rate, falling lending rates, could spur recovery Salt Lake Tribune, United States - By Paul Beebe Utah's fertile birthrate, coupled with falling mortgage rates, could spark a housing recovery in the second half of this year, a Wells Fargo ... Large Families Could Help Lift Utah's Economy |
Church celebrates paying off mortgage - Beckley Register-Herald
Church celebrates paying off mortgage Beckley Register-Herald, WV - Shave they did on Sunday, as well as ceremonially burn the church’s second mortgage, said church founder and Bishop Fred Simms. Simms explained that Heart ... |
Leading Democrat offers US mortgage aid bill - Reuters
Leading Democrat offers US mortgage aid bill Reuters - ... Jan 6 (Reuters) - The second-ranking Democrat of the US Senate on Tuesday introduced legislation that would let bankruptcy judges erase some mortgage ... President-elect Obama was sponsor in 2008, said it is priority for ... Stimulus Package to Include Cram-Downs: Report US Democrats Reintroduce Legislation To Change Bankruptcy Law |
BOND REPORT: Treasurys Move Higher As Fed Buys Mortgage Bonds - CNNMoney.com
 HispanicBusiness.com | BOND REPORT: Treasurys Move Higher As Fed Buys Mortgage Bonds CNNMoney.com - The sale will be a second reopening of the quarterly issue, meaning the security will carry the same yield and maturity as the notes issued in November. ... Video: Jan. 6: Stocks Finish Higher on Fed Minutes Fed Minutes Offer No Comfort Towards an inflationary twilight zone |
Creditor troubles mount in the Valley - Arizona Republic
 Memphis Daily News | Creditor troubles mount in the Valley Arizona Republic, AZ - "Many people own a house worth, say, $180000, but owe $350000 with the second mortgage maxed out," he said. "If anything else goes wrong in their life, ... Year of going broke |