The first mortgage is FHA. There is a second mortgage. Questions:
1. What is the maximum amount that FHA will allow to be paid to the 2nd?
2. May third-parties, seller or buyer contribute anything to the 2nd?
3. Does FHA require that the 2nd release its lien AND waive the deficiency?
Thanks
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1. What is the maximum amount that FHA will allow to be paid to the 2nd? -
The owner-occupant mortgagor may elect to apply the entire amount of the $3,000 consideration or a portion of it to resolve junior liens and to offset the sales transaction costs not paid by HUD (including a home warranty plan fee, costs of optional repairs, and buyer’s closing expenses).
2. May third-parties, seller or buyer contribute anything to the 2nd? - In my experience yes.
3. Does FHA require that the 2nd release its lien AND waive the deficiency? - No.
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