Subsidized second mortgage

An alternative financing option for low-and moderate-income borrowers. A lender purchases a first mortgage that has a subsidized second mortgage behind it. A state, county, or local housing agency, foundation, or nonprofit corporation may issue the second mortgage. Payment on the second mortgage is often deferred and carries a very low interest rate (or no interest rate at all). Part of the debt may be forgiven incrementally for each year the buyer remains in the home.

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