soft second mortgage

The lender may not refinance your existing loan unless you have the loan for the past 8-10 months and have paid off the dues in full. Moreover, you should have equity in your property in order to get a refinance.

Teri, a soft second mortgage is typically one that need not be paid back. If you refinance, you'll be required to pay it off, unless the new first mortgage lender is agreeable to it remaining on the property and the soft second lender is agreeable to resubordinating their lien.

You need to speak with both lenders to determine the best way to go. It may not be to your benefit if you're required to pay off that second mortgage.

The other benefit to the soft second loan, is not having PMI. FHA PMI is currently 90-95% of the original loan amount depending on the LTV, ouch! For those with low to moderate income it is an excellent option.

my credit score is 645 soft second requires 660 FHA requirements at least a 620 are there any alternatives for me to investigate have a condo waiting just need financing help.

Requirements won't change. You will have to improve your credit scores and then apply for such loans.