Alt Doc | Second Mortgage Bank Statement Mortgage Program

Stand-Alone Second Mortgage Program.

This product is ideal for the borrower that wants to protect their low-interest rate first mortgage and would prefer a lump sum (from their equity) upfront.

This Second Trust Deed Program gives the borrower the entire loan amount at once, for them to disperse as necessary and is not a Home Equity Line of Credit (HELOC), where the borrower is using their equity through the use of their HELOC credit line. It depends on the financial need of the borrower.

  • Purpose: Second, Cash Out
    • 700 Credit Score | 85% LTV to $300,000
    • 700 Credit Score | 80% LTV to $400,000
    • 700 Credit Score | 75% LTV to $600,000
  • Loan Amounts: $600,000
  • Employment Types: Self-Employed
  • Employment Verification: Business License, Articles of Incorporation, Certification, CPA/Tax Preparer Letter
  • Eligible Business Entities: Corp, LLC, 1099
  • Income Documentation: 24 Months Business Bank Statements
  • Property Types: SFR, 2 Unit, 4 Unit
  • Occupancy: Owner-Occupied, Non-Owner Occupied Investment Properties
  • Credit Scores: 700 Minimum
  • Credit Criteria: Collection and Judge equaling $300 or more must be paid off. Medical collections need not be paid. Any negative tradelines greater than 7 years need not be counted. Except for the first mortgage, all outstanding title liens must be paid prior to closing.

 

DTI: 55%

 

 

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