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% Debt-to-Income (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: $500,000
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
Loan Scenario Form - Credit Check Not Required
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Nevada, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington