All Forum Posts by: Mark Enis

Quote from @Jay Hurst:

Quote from @Mark Enis:

Quote from @Andrew Postell:

@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.

Thanks. so would you recommend I talk to a different mortgage broker?  I need a mortgage broker who can be more helpful. This one just told me it can't be done and didn't offer any alternatives. I have a family member willing to contribute 150-250k at 4% interest only for 7 years to go toward the purchase to help out and I'm just looking for creative ways to be able to take advantage of that.

 Are you trying to borrow 100% of the purchase price between your two loans? 

 No, we would be bringing some money to the table for down payment, closing costs, etc.. 

Quote from @Andrew Postell:

@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.

Thanks. so would you recommend I talk to a different mortgage broker?  I need a mortgage broker who can be more helpful. This one just told me it can't be done and didn't offer any alternatives. I have a family member willing to contribute 150-250k at 4% interest only for 7 years to go toward the purchase to help out and I'm just looking for creative ways to be able to take advantage of that.

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.