Alt Doc - Second Mortgage Bank Statement Mortgage Loan

Stand-Alone Second Mortgage Program (cash out can be used to meet reserve requirement)

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 for a HELOC credit line.

Purpose: Second, Cash Out. $800,000 Maximum Loan Amount

Employment Types: Self-Employed Only

Eligible Business Entities:

  • Corp
  • LLC
  • Trust

DTI: 55%

Property Types:

  • SFR
  • 1-2 Unit
  • 3-4 Unit


Income Documentation

Employment Verification Documentation - VOE: N/A

Liquid assets can be used for Additional Income


  • Owner Occupied/Investment property
  • Non-Owner-Occupied/Investment properties

Credit Scores: 620

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, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington