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.
States: Arizona | Alabama | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Kansas | Lousiana | Maine | Maryland | Massachuessets | Michigan | Mississippi | New Mexico | Nevada | New Jersey | North Carolina | Ohio | Oklahoma | Oregon | Pennsylvania | South Carolina | Tennessee | Utah | Texas | Virginia | Washington | Wisconson