Purchase Money Second Mortgage

Purchase Money Second Mortgages are offered with fixed or variable rate second mortgage up to 100% combined loan to value. These are usually the 20% of the 80-20 no money down purchase loan equation. Purchase money 2nd mortgage loans are always closed concurrently with a purchase loan in first position. They are called "Purchase Money" because, they are loans allowed in lieu of a down payment when buying a home. Purchase loan options have dwindles in recent years, so check with Nationwide on 100% financing and FHA mortgage opportunities. First Time Home buyers like purchase money mortgage loans because it enables them to spend the money they saved for a down payment, on new furniture or home improvements.


100% Purchase Money Second Mortgage (80-20):

0% down

95% Purchase Money Second Mortgage (80-15-5):

5% down

90% Purchase Money Second Mortgage (80-10-10):

10% down


Key Steps of Purchase Money Second Mortgages

•  Loan Disclosures for 1st & 2nd Mortgage
•  Rate Lock Agreement for 1st & 2nd Mortgage
•  Appraisal- Value is established by an AVM or Licensed Appraiser
•  Underwriting Approval for 1st & 2nd Mortgage
•  Document Signing with Notary for 1st & 2nd Mortgage
•  Loan Funding- Escrow disperses funds, and you own your home

 

 

 

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BD Nationwide Mortgage, 515 Encinitas Blvd. Ste 100, Encinitas, California 92024
Please be aware that this is not an advertisement for credit as defined by paragraph 226.24 of regulation Z. Nothing on this site contains an offer to make a specific home loan for any purpose with any specific terms. This is a web-site and no loans can be guaranteed as loans and rates are subject to change. Nationwide is affiliated with national lenders and a federally chartered bank located in Maryland licensed to offer home loans in all 50 states. Copyright 2001-2012 and Beyond, Nationwide Mortgage Loans - BDnationwidemortgage.com is a website and cannot make loans. All rights reserved. Not everyone will qualify for a purchase money mortgage.