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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.
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