Kidster29, Home Buyer in West Sacramento, CA

can i get a silent second on my fha loan i dont have a down what are the risks?

Asked by Kidster29, West Sacramento, CA Tue Aug 14, 2012

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There are a few scenarios that woud qualify you for a second FHA home: If you have had a change of job location and the new home would be your primary residence and it is closer to your new job or if there has been a change in your personal circumstances: Aging parents have moved into your home and the home is now too small are two scenarios that would work.

Find a lender you trust:
0 votes Thank Flag Link Yesterday at 1:24am
Silent Seconds offered by government entities are very legal and commonplace for down payment...and also for low to medium income loans with zero interest and no payments until you sell the home or die
0 votes Thank Flag Link Thu Jun 5, 2014
Silent second means the lender does not know of it. Thus silent. Shhh

This would be considered a deferred payment second.
0 votes Thank Flag Link Sat Feb 16, 2013
@ Cheryl. You know this but we need to point out:

Those are not silent seconds. Those are FHA approved Home Buyer Assistance program seconds.
A silent second is a second that the first lender is not aware of occurring.
A silent second is terms for calling the note on any purchase money first if it is not disclosed to the lender.
0 votes Thank Flag Link Sat Feb 16, 2013
I recommend you speak with a mortgage professional. My mortgage partner, Cedric Washington, specializes in FHA and the CHDAP which Claudia is referencing below.

Cedric Washington
0 votes Thank Flag Link Sat Feb 16, 2013
FHA does not allow for a silent second.
FHA allows for CHDAP and down payment assistant seconds.
Any lender that encourages a silent second is assisting you in activity that could result in calling your note due.
What is best, look into down payment assistance programs.
Your down payment must be documented.
When the person who is lending you the down payment gives it to you, they will need to sign a letter that states that the money is a gift a no repayment is necessary.
0 votes Thank Flag Link Mon Feb 11, 2013
As a rule, the FHA loans is determined by your DEBT/INCOME ratio:
If you get a 2nd, you will be destroying that ratio.
Can you get that 2nd without anyone looking at your Credit Report?
Think about that.

And another thought: Having ZERO equity in your home is exactly the thing that got millions of homeowners into the trouble that ended up in Foreclosure.

Good luck and may God bless
0 votes Thank Flag Link Tue Aug 14, 2012
This is a question for your lender to determine affordability and what you'd need to bring in to obtain a mortgage. If you are a military veteran then a VA loan does not require a downpayment. In addition, a home in various rural communities such as Wheatland or Galt can qualify for USDA financing and that doesn't require any downpayment either. In some circumstances you can qualify for the CHDAP loan which creates a 'silent second' as you'd referred to that is combined with an FHA loan. But again, speak to your lender.

if you don't have a lender you trust, call Chris Stahl at Summit Funding (916) 768-8000.
0 votes Thank Flag Link Tue Aug 14, 2012
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