PATH repayable seconds are fixed-rate second mortgages with a 10-year term. Choose fully amortizing payments over 10 years, or a balloon structure with lower monthly payments and the remaining balance due at year 10. Rates are set by Luminate Bank — typically slightly above the 30-year average fixed rate — and disclosed at lock.
Both PATH repayable options are fixed-rate second mortgages — only the amortization differs. The rate is set by Luminate Bank and is typically slightly higher than the 30-year average fixed rate. Your exact rate is disclosed at time of lock.
Because both repayable options carry a monthly payment, Ryan and Steve quote the second-lien rate alongside your PATH FHA or USDA first mortgage so you see the combined housing cost before you write an offer.
The 10-year amortizing option builds equity in the assistance layer faster — you own more of that second lien each month and owe nothing at year 10 if you stay on schedule.
The 10-year balloon option trades a lower payment now for planning ahead: you will need a payoff strategy — refinance, sale, or lump-sum payment — when the balloon comes due at the end of year 10.
You want predictable payoff with no lump sum at year 10, and the higher monthly payment still fits your budget alongside the first mortgage.
You need the lowest possible combined payment now — and you have a clear plan to address the remaining balance at year 10 through refinance, sale, or savings.
Related Luminate Path guides on repayable assistance and program pairings.
How repayable seconds compare with forgivable 3.5% options.
3.5% or 5% repayable amounts on PATH seconds.
660 minimum for repayable PATH assistance.
PATH FHA and USDA first mortgages that work with repayable seconds.
Full program guide — all six PATH product combinations.
Compare PATH repayable terms with other DPA programs.
Ryan & Steve will quote your repayable second-lien rate at lock and show amortizing vs balloon payments side by side.
Luminate Path programs are subject to borrower qualification, property eligibility, and lender approval. Rates, terms, and program availability may change without notice and are not available in all states. This page is educational — your scenario is underwritten against current guidelines.