We offer a second mortgage that meets Fannie's Community Seconds parameters. It's available only to applicants who also obtain their first mortgage financing through us. Funds from the subordinate loan can be used for down payment and/or closing costs, and it is closed simultaneously with the first mortgage.

Is a separate application form required, or would it be sufficient to cite the loan (we call it "Easy Close") in the "Source of Funds" box on page 1 and include the monthly payment on the "Other Financing" line in Section V and show a credit for the loan amount on Line J in the "Details of Transaction" section, all on the 1003?

Please provide regulation and section in your comments, if applicable.

Thank you

Since this appears to be a Fannie program, what are their requirements?

Outside of that your application process is set my internal policy & procedures.