Fha Plus And Homebuyer Tax Credit Plus Second Loan Programs Page 2

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2. Second Deed of Trust
Virginia-Second Mortgage-1/80-FNMA/FHLMC Uniform Instrument (Form 3847)
i. The following language must appear at the top of the Deed of Trust: "THIS DEED OF TRUST
SHALL NOT, WITHOUT THE CONSENT OF THE SECURED PARTY HEREUNDER, BE
SUBORDINATED UPON THE REFINANCING OF ANY PRIOR MORTGAGE".
ii. The maturity date will be the same as the first loan.
iii. Legal description must be attached and recorded with the Deed of Trust.
iv. No Riders are to be executed or recorded with the Second Deed of Trust.
3. HUD-1 Settlement Statement
i. A separate HUD-1 is not required on the second loan. The second loan should be shown on
page 1 as subordinate financing.
ii. Borrower cannot receive funds back at closing in excess of verified POC items and
earnest money deposit.
iii. Do not collect origination fee or discount points.
iv. FHA Plus: Collect per diem interest in the amount of $__________________ per day. Please
calculate the number of days from the date of closing through the end of the month and insert
total interest due on the HUD-1 Settlement Statement. VHDA calculates interest by dividing
annual interest by 365. No interest is to be collected on loans closed on the first day of any
month with the first payment due on the first day of the following month.
v. Homebuyer Tax Credit Plus:
1. Do not collect per diem interest.
2. Do not collect ancillary fees.
4. Title Insurance
i. Do not obtain title insurance on the second loan.
ii. The second loan must be shown as subordinate financing on the policy for the first mortgage.
5. Homeowners Insurance
i. Not required on the second loan.
6. Truth in Lending
i. A separate truth in lending is required for the second loan.
7. Addendum to Mortgage Loan Commitment
i. Must be signed by the Borrower(s)
06/09
SUPPADD2.UFF

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