Borrowers participating in this program agrees to a five year pre-payment penalty. The borrower cannot own any other property.
Concurrent sales are acceptable.
The Second rate has a 30 year deferred payment structure. The interest on the second mortgage is deferred simple interest for years one though fifteen. Beginning the sixteenth year, interest will be deferred, compounding annually. First Mortgage Corporation, North American Mortgage Company, CUNA Mutual Mortgage, Marina Mortgage and the Golden One Credit Union are currently the only lenders offering this program. This website will change as new lenders are added.