2 mortgages/loans on a primary residence (Texas)
Hi,
A mortgage broker I was connected with through a realtor is telling me that I can't do a 1st position mortgage with an additional 2nd position private loan on a primary residence. Is this true?
I'm wanting to put 20% down and have a 1st position 30 year amortized mortgage with a 2nd position loan (a private loan from a family member) to finance the property. This would be my primary residence. I'm in greater Houston Texas area. I don't understand why this can't happen. He didn't provide the reasons. Looking for advice. Thanks.
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Mark Enis this is ENTIRELY dependent on the loan product you are using. So, if you are using a Private Loan as your first lien...then you would need to ask that lender. If you are using Fannie Mae as your first lien...then you need to ask that lender. There is no state law that prohibits 2nd liens...if that's what you are asking. You just need to clear it with the underlying lender.