Transcription of Section C. Borrower Secondary Financing Overview
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Section C. Borrower Secondary Financing Overview
HUD 5, Section C5-C-1 Section C. Borrower Secondary FinancingOverviewIn This SectionThis Section contains the topics listed in the table NameSee Page1 General Information on Secondary Financing5-C-22 Government Agency Secondary Financing5-C-43 Nonprofit Agency Secondary Financing5-C-74 Organizations and Private Individuals ProvidingSecondary Financing5-C-105 Family Member Secondary Financing5-C-126 Secondary Financing for Borrowers 60 Years ofAge or Older5-C-16 Chapter 5, Section CHUD General Information on Secondary FinancingIntroductionThis topic contains general information on Secondary Financing , including a definition of Secondary Financing Secondary Financing documentation requirements, and references for permissible sources of Secondary DateNovember 19, ofSecondaryFinancingAny Financing other than the first mortgagethat creates a lien against theproperty is considered Secondary Financing . Such Financing isnotconsidereda gift, even if it is a soft or silent second, or has other features forgivingthe : A soft or silent second is Secondary Financing with no monthlyrepayment lender must obtain from the provider of any Secondary Financing , andinclude in the endorsement binder documentation showing the amount of funds provided to the Borrower foreach transaction, and copies of the loan : FHA reserves the right to reject any Secondary Financing that does not serve the needs of the intended Borrower , or
HUD 4155.1 Chapter 5, Section C 5-C-3 1. General Information on Secondary Financing, Continued 4155.1 5.C.1.c Permissible Sources of Secondary Financing (Reference)
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