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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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
Thanks Claudia, It is that too. I don't think Kidster29 is asking about a "silent second" of the kind your speaking of? Thank you very much for pointing that out as I have never seen that definition you brought up so even thru 20+ years, I learn something new everyday. I am sure that Kidster29 heard thru the grapevine about some "silent second" program that you don't make payments on and the CHDAP and previous city programs offered are all that I am aware of but the First Mortgagor is aware of the second at the time of the purchase with a small "silent second" 3% of the 3.5% down payment, thus only half percent down? Any other way is illegal and would not be supported by the Federal Housing Administration (FHA).

I used the CalHFA website verbage as I am very careful to only post up to date and true information on my websites. Here is a link to the California Housing Finance Authority link if you want to take it up with them because I used their verbage. http://www.calhfa.ca.gov/homebuyer/programs/index.htm

http://www.under640ficoscoreloans.com/Pages/CHDAPLoans.aspx

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Sat Feb 16, 2013
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
Kidster29, what definition of silent second are you referring to? My definition below, right? :)

The money you put "down" or the down payment and/or closing costs on your home loan can be one of the largest hurdles for many first-time homebuyers. That's why CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. CalHFA's subordinate loans are "silent seconds", meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.

P.S. The second mortgage payment on Access is under $50 bucks depending on the loan amount on the CHF Access half percent down program so it isn't that big of a payment but allows you to buy a home with a minimum 580 fico score and only half percent down payment up to 417k and a minimum 600 fico score up to $729,750 loan amount.

The down payment on a 700k purchase is only $3,500 down and the same with both programs. The difference is one has a silent second mortgage where there in no payment until the home is refinanced or sold and the other has the small monthly payment which has no pre-payment penalty and either second can be paid back at any time.

http://www.under640ficoscoreloans.com/Pages/CHDAPLoans.aspx

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Sat Feb 16, 2013
Hello Kidster29, The silent second I am speaking of is the second loan of the CHDAP program where the borrower second payment is defferred. It is 3% of the sales price towards the 3.5% standard FHA down payment leaving only half percent down payment at a 3.25% interest rate until the home is refinanced or sold and does not have a pre-payment penalty. Here is a link of the CHDAP program on my website and if you have any questions, feel free to contact me anytime. I am here from 9am till 9pm 7 days.

http://www.under640ficoscoreloans.com/Pages/CHDAPLoans.aspx

@Claudia . A silent second in my definition is a second loan that the borrower is not making payments on during the term of the loan but pays the loan back upon refinance or the sale of the home? Your speaking of some type of fraudulent financing that I would not know anything about but did find the definition your speaking of?

The CalHFA's, CHDAP and my website refer to this term and the definition therein. *below

*The money you put "down" or the down payment and/or closing costs on your home loan can be one of the largest hurdles for many first-time homebuyers. That's why CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. CalHFA's subordinate loans are "silent seconds", meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/FHA.aspx

http://www.under640ficoscoreloans.com/Pages/CHDAPLoans.aspx

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
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
Hello Kidster29, Yes, you may qualify for a silent second for with half percent down payment with a minimum 640 fico score. If you have a minimum 580 fico score, you may qualify for half percent down payment program with the payment which is usually $40-50 bucks and no pre-payment penalty. These programs are designed to get you into a home purchase with minimum out of pocket expenses. There is an earnest money deposit and appraisal fee and closing costs to be determined.

I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify for programs, rates and terms as necessary. I can raise fico scores within 3-4 days in most cases. It only takes a few dozen questions to qualify you in minutes. Here is a list of documents you need to gather for processing a loan approval, DU Approval or pre-approval letter. http://tinyurl.com/9m2rsb2

I can issue a pre-approval letter within an hour. Here are some links to study and consider.

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/FHA.aspx

http://www.under640ficoscoreloans.com/Pages/CHDAPLoans.aspx

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
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
Yes, you may qualify for a silent second on an FHA loan with a minimum 640 fico score. You may qualify to buy with a minimum 580 fico score with only half percent down payment program with a small second payment about 50 bucks. You can also qualify for NO down payment with a silent second with a minimum 680 fico score. It only takes a few dozen questions to qualify you in minutes for the program to fit your needs. You can buy with minimum out of pocket expenses.

I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. I can raise fico scores within 3-4 days in most cases. Here are some links to study and consider.

http://www.under640ficoscoreloans.com/Pages/JumboLoan.aspx

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/CHDAPLoans.aspx

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Sun Feb 10, 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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