Home Affordable Plan Mortgage NJ

21856business · Joined: 05 Jan 2009 Posts: 8 4.28 Dollars($)

Does anyone know the banks who will consider a Home Afforable Plan Mortgage, if you have a second mortgage. (in NJ). ty

JKennedySLG · Posted: Fri May 01, 2009 9:56 am Post subject:

I do have 1 lender here in NJ which will go up to 110% Combined Loan To Value. Aside from this lender no others have come out and stated they will or will not allow for 2nd mortgages. The guidelines do not state anything about not allowing second mortgage in this plan. It is really at the lenders discretion to allow for a homeowner to qualify for this program while holding a second mortgage. I hope this helps...

eric1 · Posted: Fri May 01, 2009 4:49 pm Post subject:

James, 110%? Who is that?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.77 Dollars($)

Have you called your current lender and ask this. Most probably they might if they own both 1st and second. But it could be differrent in different situations.

ashleyblanton · Posted: Thu May 07, 2009 3:18 pm Post subject:

What Eric said? 110%?

Not only that, it is the lenders who dictate LTV's they will go up to, currently the max being 105% for FNMA or Freddie loans. And they have ccome out and said NO to 2nd's. It can only be a rate and term mortgage. You will have to subordinate your 2nd.

eric1 · Posted: Thu May 07, 2009 7:44 pm Post subject:

Ashley...exactly.

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