Lender Niche Second Mortgage Loan program Update:

Closed End Second Mortgage / HELOCS

Updates to the Flex HELOC & CES programs 25 year Closed End 2nd (CES) has been removed from offerings. As of 4/14/2025, the program will no longer be available for new locks.

Credit History – collection and/or charge-offs on non mortgage accounts has been updated

1 unit primary residence – no restrictions

2-4 unit primary or 2nd home – Collections and non-mortgage charge-offs totaling more than $5,000 must be paid in full prior to closing or at closing.

Non owner occupied – Collections and non-mortgage charge-off accounts equal to or greater than
$250 and accounts that total more than $1,000 must be paid in full prior to or at closing

Rental income – must be averaged over the most recent 12 months (previously 24 months). Rental income
calculation table has also been updated to reflect 12 months average of schedule E, with the most recent year’s returns for documentation.

Last Updated on 2 weeks ago by Broker Mortgages