Help finding a bank to refi const to perm with silent 2 lien.....

[Jason L.]

I'm using a HUD program which reimburse up to 50% of new construction cost but carries a silent 2nd lien for 20 years. This requires me to rent too low to moderate income families and maintain the property to HUD standards for 20 years. My local bank has notified me that they are trying to find a bank that will purchase this type of loan on the secondary market. This project will consist of 4 units but I will only rent 3 to HUD qualified families and live in the other. I will use my VA loan if the reimbursement from HUD does not count as my down payment.

Now that I know this is a unique loan set up, does anyone know any secondary lenders who may entertain this type of loan on a 30 year fixed?

Thanks in advance!