Second Mortgage Bank Statement Mortgage Program

This program 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..

Stand-Alone Second Mortgage Program - 55% DTI

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


Max Loan Amount: $350,000


Acceptable Employment Types

  • Self-Employed


Acceptable Income Documentation

  • 24 Months Business Bank Statements


Acceptable Employment Verification Documentation

  • Business License, Articles of Incorporation, Certification, CPA/Tax Preparer Letter


Eligible Business Entities: Corp, LLC, 1099


Purpose - Second Mortgage:

700 Credit Score

  • 85% LTV to $300,000

700 Credit Score

  • 80% LTV to $400,000

700 Credit Score

  • 75% LTV to $600,000

Property Types: SFR, 2 Unit, 4 Unit


Occupancy:

Owner-Occupied, Non-Owner Occupied Investment Properties


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:

Alabama | Arizona | California | Colorado | Florida | Georgia | Hawaii | Illinois | New Jersey | North Carolina | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | Tennessee | Texas | Utah | Vermont | Virginia | Washington | Wisconsin