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Second Mortgage Bank Statement Jumbo

Jumbo Second Mortgage Bank Statement Loan

CLTV (Combined Loan-to-Value) / Loan Amount

* 85% CLTV / $250,000

* 80% CLTV / $350,000

* 75% CLTV / $500,000

Property Types:

Single Family Residence, Townhomes, Condos, >4 stories (reduce CLTV 10%), PUD’s

Eligible Occupancies:

Owner-Occupied, Second Home (reduce CLTV 5%)

Cash Reserves:

* 3 Months PITI – Principal, Interest, Tax, and Insurance

Credit Requrement Details: Required Credit Score – 640

This second mortgage bank statement mortgage loan requires the borrower’s credit report to show a minimum of 3 open or closed tradelines with a minimum of 12 months of activity history or 2 tradelines with a 24-month history that also requires activity within the previous 12 months.

Authorized User-Accounts Do not qualify

Alternative Credit:

Alternative tradelines are acceptable such as a 12-month housing payment history. Credit accounts to which the borrower is not required to make payments are not considered an acceptable tradeline such as deferred loans, derogatory items such as collections, charge-offs, including accounts that were discharged in a bankruptcy.

Available in the Following States:

Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nevada, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and Washington.

reference# 225-7-18-5-5-14