Silent Second

Have you ever heard of the term “Silent Second”?

As a first time home buyer there are programs and grants out there that can help you to buy a home by giving you money for down payment assistance or closing costs.

The Silent Second steps in as that down payment, or that grant that you receive as free money— money you do not need to repay until you sell the home.

So you don't make monthly mortgage payments towards it and you don't have any taxes, fees, or interest accruing. What happens is it just sits there quietly until you decide to sell the home and need to re-pay the gift.

Which is why they call it the “Silent Second”.

NOTE: Not all gift programs or down payment programs need to be repaid. Each program is different and it's important to know what program you are qualified for.

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