This fee is a percentage of the loan amount, and can vary based on the loan type, your military service and how many times you’ve used the program. Veterans using their VA loan benefits for a second time and purchasing with $0 down typically have a funding fee of 3.3 percent of the loan amount.
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FHA Streamline Second Mortgage Limits. If a borrower has a $200,000 FHA loan and a second mortgage, the first loan may still be eligible for a streamline up to 125 percent of the original purchase price. Using this same example, the second mortgage may be as high as $50,000 while the FHA first mortgage is still streamline refinance eligible.
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allowing veterans to get loans or better interest rates when they otherwise might not qualify. This loan program has specific requirements, however, and generally cannot be used for a second loan.
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How do You Get a Second Mortgage? A second mortgage is quite simply a loan taken after the first mortgage. There can be various reasons to take out a second mortgage, such as consolidating debts, financing home improvements, or covering a portion of the down payment on the first mortgage to avoid the property mortgage insurance (pmi) requirement.
You can apply for another FHA-insured mortgage to buy a home in which to live. Secondary Residence Exception. In some cases, such as seasonal employment, the FHA allows you to occupy a second home in addition to your main residence. When applying for another FHA mortgage loan, you must give your lender a letter explaining the reason.