***: as per the HUD guidelines it states below 2nd mortgage will be extinguish...
Features of FHA-insured loans under the new program include:- 30-year, fixed rate mortgage;
- Maximum 90 percent loan-to-value ratio;
- No prepayment penalties;
- $550,440 maximum mortgage amount;
- Extinguishment of any subordinate liens; and
- New home appraisals from FHA-approved appraisers