2nd Lien Firms Eye Piggybacks for VA, FHA Assumptions

Home Equity Lending News, Oct. 28, 2023–Nunio DeMasio
Several second mortgage players who attended the MBA Annual Conference in Philadelphia talked about growing interest in assumptions on government first mortgages that require the homebuyer to take out a junior lien piggyback loans. Mortgages guaranteed by the Department of Veteran Affairs or insured by the Federal Housing Administration can be assumed by a home purchaser, and the buyer often needs a second mortgage. “There’s a lot of people circling around this — trying to figure out how to do it and what their role in it is,” Jackie Frommer, head of lending at Figure Technologies, said of the product during an interview at the conference.
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