This second mortgage program is designed for qualified borrowers with a 720 credit score seeking financing up to 85% combined loan-to-value (CLTV). It may be used as a stand-alone second mortgage or structured as a purchase-money piggyback loan alongside a first mortgage to achieve the desired total financing.
Portfolio Lender HELOC to $1,000,000
Full income documentation is required. Qualification is based on verified income, credit history, property equity, debt-to-income ratio, and the combined balance of the first and second mortgages.
Second Mortgage Program Highlights
- Purchase-money piggyback financing available
- Maximum second mortgage loan amount: $1,000,000
- Financing up to 85% maximum CLTV with qualifying credit
- Select options may allow up to 70% LTV with a 700 credit score
- Cash-out refinance loan amounts up to $250,000
- Available as a stand-alone second lien or in combination with a first mortgage
Available Second Mortgage Loan Terms
- Borrowers may choose from the following second mortgage structures:
- HELOC: 10-year draw period followed by a 20-year repayment period
- Draw-period payments generally calculated at 1% to 2% of the outstanding balance
- 20-year fixed-rate second mortgage with fully amortizing payments
Eligible Property Types
- Owner-occupied two-unit properties
- Attached condominiums
- Detached condominiums
- Second homes
This program may provide additional financing flexibility for a home purchase, cash-out refinance, or equity-access transaction without requiring the borrower to replace an existing first mortgage.
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
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Last Updated on 2 days ago by Broker Mortgages