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August 26, 2006
Private Second Mortgages that Are
A silent second mortgage is typically a second mortgage offered at preferential (subsidized) terms to those who qualify. These are generally offered by the state through one of three federally authorized programs, the Mortgage Revenue Bond (MRB) program. These programs typically entail a 97% FHA loan and a 3% silent second mortgage that is offered at below-market rates or forgiven entirely after a certain period of
From Private Second Mortgages that Are
Posted by Ryan at August 26, 2006 09:13 AM
