A ‘soft second’ is money provided only to first time homebuyers. The program will provide up to 20% for a down payment (limited to $30,000 and a $200,000 home price ) –
….plus another $5,000 for closing costs ! !
What exactly is a ‘soft second’?
This is a term used to denote a type of second mortgage on the home to that is used to temporarily cover the funds advanced. This second mortgage is gradually ‘forgiven’ based on the length of years the buyer lives in the home …..and it totally disappears after a buyer has been in his home five years.
Sounds super wonderful, doesn’t it!!!
St Tammany is telling us they have just enough funds for 71 loans. Once those funds are gone, it’s all over.
So if you are a first time homebuyer with good credit, call me immediately. We need to hurry. The home of your dreams is waiting for you!