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 .
Any financing other than the first mortgage that creates a lien against the property is considered secondary financing. Such financing is not considered a gift, even if it is a “soft” or “silent” second, or has other features forgiving the debt. Note: A “soft” or “silent” second is secondary financing with no monthly repayment ...
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