To increase the probability that a house payment will remain affordable, the 1st mortgage used to purchase a home must be a fixed rate mortgage. CWCAC Inc. will not provide a 2nd mortgage for a house purchase transaction that does not have a fixed rate mortgage.
The homebuyer’s household income must be at or below 80% of County Median Income (CMI) to be eligible for the 2nd Mortgage.
Move in ready-must meet Housing Quality Standards at the time of purchase
Property value must not exceed HUD established county limits
Must be fee simple title at purchase
Homes that qualify for a 2nd mortgage can be stick built, modular, new manufactured or condominium on a permanent foundation. A home on a rented or leased lot does not qualify.