Been looking at a condo considered "affordable housing." Is a "silent second" kind of a scam? Worth it or no?

Asked by lp, Vista, CA Mon May 20, 2013

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Sinead McAllister’s answer
Sinead McAll…, Agent, Oceanside, CA
Mon May 20, 2013
Hi Again,
Contact me directly and I can give you more information about what you are looking for. Affordable housing can be a great deal, but you have to make sure that you meet all of the criteria.

​Sinead McAllister-Clifford
Real Estate Broker/ Realtor®

McAllister Homes Real Estate
Residential Sales & Property Management
http://www.McAllisterHomes.com
License 01366009
858-205-5215 CELL
brokermcallister@gmail.com EMAIL
0 votes
Uriah Anders…, Agent, Palm Desert, CA
Thu May 30, 2013
Make sure to use a loan officer that has experience in affordable housing programs and community lending options. Feel free to call with any lending questions you may have @ 760-585-8328.

Uriah Anderson
Branch Manager IFG Mortgage
Broker Associate HK Lane
NMLS 272891
CA Dept Of Real Estate #01303991
0 votes
Peter Whittet, Agent, Oceanside, CA
Mon May 20, 2013
IP,

A silent second is a real possibility. A Affordable Home uses an income based formula to help people/families get into the housing market. Currently San Marcos has some town homes being built that are available. The silent second is down payment assistance from the city, no payments are made while you live in the home. When you sell the home the second is paid back. It can be a great deal for those who qualify.
Let me know, if you'd like to look at a silent second for your needs. I just put a family into a contract last week.

Peter
AARE
(760) 390-2393
Web Reference:  http://PeterWhittet.com
0 votes
Cindy Davis, Agent, San Diego, CA
Mon May 20, 2013
It's not a scam. There are restrictions that you must abide by...but it is very much worth it if you qualify!
0 votes
Tiffany Boyd,…, Agent, Carlsbad, CA
Mon May 20, 2013
Having a silent second is not a scam - there are many programs that offer some sort of plan like this. There are bonafide DPA loan programs and city/county programs that utilize this method of getting you into a home that you might not otherwise qualify for.

It is important that you are in touch with a lender that is able to do this type of arrangement. You should also have an agent that is familiar and willing to work with affordable housing.
That agent should be able to explain in detail how the silent second works and if it would serve your best interests at this point in your home buying journey.

Don't go it alone and you will feel informed.
Good luck,
Tiffany Boyd
Realtor KW Carlsbad
Tiffanyhomes@yahoo.com.
0 votes
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