if i get a usda loan am i eligible for a second mortgage on the property?

I am looking at purchasing my first home via usda loan. my question is, are second mortgages allowed on usda loans?

2 Answers

  • godged
    Lv 7
    9 years ago
    Best Answer

    And how would you get one? No one is going to give you a second mortgage if you have a 100% mortgage as the first mortgage. NO ONE.

    Source(s): Oregon Realtor
  • Anonymous
    9 years ago

    you are going to need a lot of cash to buy any house and you won;t be eligible for a 2nd mortgage until you have well over 20% equity and then you can only borrow additional money up to 80% of the houses value, so you are most likely talking about 15+ yrs until you will have any equity to borrow against and it makes no sense to go back deeper into debt with a 2nd mortgage

Still have questions? Get your answers by asking now.