Home Buying in 02917>Question Details

Helene Moret…, Home Buyer in 02917

can you get a silent second mortgage with an fha loan?

Asked by Helene Moretti, 02917 Sun Mar 15, 2009

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RI Housing is your best bet for the silent second. It is a great way for first time home buyers to take advantage of some extra money. There are also some great "Stepped Rate" programs through RI housing. These allow you to take advantage of a low rate that gradually will go up over a period of time. RI Housing's interest rates are not based on the 10 year bond like most other banks and mtg companies. In the past, that meant you could get a lower rate through RI housing opposed to the competition. Recently, however, rates have sunk to record lows resulting in interest rates being lower through your bank or mtg company as opposed to RI Housing. If you need more information please let me know!!
0 votes Thank Flag Link Fri Sep 30, 2011
Helene,

It sounds like you could benefit from speaking to a mortgage originator. Rhode Island Housing is a good start, I would also suggest speaking to a mortgage broker and even perhaps a credit union representative. Let me know if you need some referrals.

All the best!
Mary
0 votes Thank Flag Link Sun Mar 15, 2009
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