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Martini Soft Second

With increasing home prices, a roadblock to homeownership is the down payment for many families. The Martini Group at Cardinal Financial Company is dedicated to homeownership and provides many very unique down payment assistance programs to clear the path to homeownership.  One of these programs is called the Martini Soft Second which is available to help first-time homebuyers and repeat homebuyers with either 3.5% or 5% down payment assistance.

According to the Federal Housing Finance Agency (FHFA), the Year-Over-Year Q2 2021 price appreciation in North Carolina was 18.3% and nationally it was 17.4%.  Data from the Q3 2021 Home Price Expectation Survey, which provides a 5-year forecast, indicates an expected home value change with an annual average through 2025 of 5.7% and a cumulative expected home value change of 31.8% through 2025. 

With the Martini Soft Second homeowners can start building equity for their future right now, rather than potentially waiting for years to save up a down payment while home prices become unaffordable. Logan Martini 

What is the Martini Soft Second?

With the Martini Soft Second, which is offered exclusively by the Martini Group with Cardinal Financial Company a borrower receives a 30-year term, 0% interest rate (0% APR), no monthly payment second mortgage. 

The borrower will need to have a minimum credit score of 600 and a qualifying income equal or less than 115% of the median income for the county in which the borrower will live. The Martini Soft Second has two options (e.g. a 3.5% and a 5%) and all options are forgivable under conditions dependent on the down payment assistance amount:

3.5% Martini Soft Second

Forgivable after 36 consecutive, on-time payments on the FHA first mortgage. This forgiveness period resets if the borrower makes a late payment, but the borrower has the full 30-year term to meet the forgiveness conditions. This loan may also be forgiven at the end of the 30-year term if the previous forgiveness condition has not been met.

5% Martini Soft Second

5%: Forgivable after the initial 120 consecutive, on-time payments on the FHA first mortgage. This forgiveness period is terminated if the borrower has a payment that is 60+ days late, but the loan will remain with a 30-year term, 0% interest rate (0% APR), and no monthly payment. This loan may also be forgiven at the end of the 30-year term if the previous forgiveness condition has not been met, even if the borrower made payments on the first mortgage that were 60+ days late.

IMPORTANT NOTE: The loan will need to be repaid upon transfer of ownership or refinance if it is not already forgiven.

It’s not the only one we offer…

The Martini Soft Second is not the ONLY down payment assistance program that is offered by the Martini Group at Cardinal Financial Company.  If you would like more information about the Martini Soft Second or other unique programs offered, please contact the Martini Group by dialing (919) 238-4934.

Kevin Martini | NMLS 143962 | Certified Mortgage Advisor and Branch Manager | Martini Group at Cardinal Financial Company, Limited Partnership, NMLS 66247 | 507 N Blount St Raleigh, NC 27604 | (919) 238-4934 | www.MartiniMortgage.com | Kevin@KevinMartini.com | Equal Housing Opportunity

Logan Martini | NMLS 1591485 | Senior Mortgage Strategist | Martini Group at Cardinal Financial Company, Limited Partnership, NMLS 66247 | 507 N Blount St Raleigh, NC 27604 | (919) 238-4934 | www.MartiniMortgage.com | Logan@KevinMartini.com | Equal Housing Opportunity

Kevin Martini

Kevin Martini is the founder of the Martini Mortgage Group; Branch Manager and Senior Mortgage Strategist with Cardinal Financial Company; a husband to a magnificent lady who was his high school sweetheart; a father of 2 amazing men; a son to tremendous parents; a grandfather to beautiful grandchildren; a loyal friend; a trusted and experienced advisor to the families he serves.

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