Second Mortgage Bank Statement Mortgages and Loan Program
Stand-Alone Second Mortgage Program
Required Credit Score - 700
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
- PUD's
Eligible Occupancies
- Owner-Occupied Only
- Second Home
Cash Reserves
- 3 Months PITI - Principal, Interest, Tax, and Insurance
Credit History
Credit Criteria Credit Accounts/Tradelines:
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, not including Authorized User-Accounts
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 is 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