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Tim Phelps

NMLS ID ------

757-366-8690 tphelps@tidewaterhomefunding.com


Blog image: Home Buyer Q & A

Home Buyer Q & A

So much has changed over the last five years - does anyone still allow seller held seconds?  Amazingly enough.  Yes.  Conventional financing will allow for seller held seconds.  You may go as high as 95% CLTV or an 80% first mortgage with a 15% seller held second.  There are, of course, particular guidelines for the seconds.  They may not charge a rate that is less than 2% of the market rate.  The note must be recorded and there must actually be a debt instrument that must be reviewed by underwriting.  &...

August 13th, 2012 | Seconds, VHDA, VA Lending, Home Buyer Q & A