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Company Loan Type APR Est. Pmt.

soft second mortgage

Posted on: 08th Jun, 2007 02:57 pm
i needed some information on how the soft second mortgage program works in massachusetts
The lender may not refinance your existing loan unless you have the loan for the past 8-10 months and have paid off the dues in full. Moreover, you should have equity in your property in order to get a refinance.
Posted on: 01st Nov, 2010 02:46 am
Teri, a soft second mortgage is typically one that need not be paid back. If you refinance, you'll be required to pay it off, unless the new first mortgage lender is agreeable to it remaining on the property and the soft second lender is agreeable to resubordinating their lien.

You need to speak with both lenders to determine the best way to go. It may not be to your benefit if you're required to pay off that second mortgage.
Posted on: 03rd Nov, 2010 11:55 am
The other benefit to the soft second loan, is not having PMI. FHA PMI is currently 90-95% of the original loan amount depending on the LTV, ouch! For those with low to moderate income it is an excellent option.
Posted on: 09th Dec, 2010 12:31 pm
my credit score is 645 soft second requires 660 FHA requirements at least a 620 are there any alternatives for me to investigate have a condo waiting just need financing help.
Posted on: 11th Aug, 2012 07:08 pm
Requirements won't change. You will have to improve your credit scores and then apply for such loans.
Posted on: 14th Aug, 2012 02:56 am
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