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Issuers can offer a lending program to borrowers who do not qualify
for a mortgage from a tax-exempt bond
program by structuring the
second mortgage bond issue as a
taxable borrowing. By combining
the second mortgage with a first mortgage
obtained in the traditional
mortgage market, issuers can offer a
down payment assistance program
at levels that the traditional mortgage market cannot match—even
through seller assisted programs offered by 501(C)(3)'s.
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