Borrowers must meet all qualifications required by their first mortgage lenders, as well as agree to live and work in Eagle County and maintain the home as their sole and primary residence while the.
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In general, these loans are set up as a second mortgage in back of the new first mortgage. local employment and assets and a max debt to income ratio. Limitations on the lenders part may include an.
If there is a second mortgage in place, that loan is not impacted by filing a new deed of trust. Lenders do this for two reasons. that a generation of lawyers can afford second homes in Vail. The.
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Vail’s taxpayers will be on the hook in future years, though, which has led Moffet and other town officials to start lobbying for a possible property tax increase on the 2017 fall ballot. Valley.
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