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The document is a promissory note from the New Mexico Mortgage Finance Authority for a single-family home loan. It outlines the borrower's promise to repay the principal amount without interest, with full payment due upon sale, transfer, or refinance of the property. The note includes provisions for affordability compliance, principal reduction based on loan amounts over time, default conditions, and rights regarding prepayment. It also details responsibilities of all signatories and the process for giving notices.

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What type of loan is a hud loan?

HUDs Federal Housing Administration (FHA) has programs which insure mortgages or provide direct loans on multifamily properties. When a mortgagor defaults on a loan insured by FHA, the mortgagee can assign the mortgage to HUD and receive the benefits of the FHA mortgage insurance.

What is considered a second mortgage?

What Is a HUD Loan, Anyway? A HUD loan is a type of loan thats insured by the federal government. These loans are backed by the Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD).

Does HUD do second mortgages?

HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this silent second provided that you fulfill the three-year occupancy requirement. The number of properties available is limited and the list of available properties changes weekly.

Is a HUD loan a second mortgage?

The mortgage is filed right after the first (primary) mortgage, making it a second mortgage. When participants pay off their first mortgage (usually done by refinancing), HUDs mortgage moves into first position.