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: $50,00 | Debt-to-Income Ratio – 55%
Acceptable Employment Types
Self-Employed
Business Owner
1099 Independent Contractors
Acceptable Income Documentation
12 or 24 Months Business Bank Statements
12 or 24 Months Personal Bank Statements
Acceptable Employment Verification Documentation
Business License
Articles of Incorporation
Certification
CPA/Tax Preparer Letter
Eligible Business Entities:
Corp
LLC
Sole Proprietor
Purpose – Second Mortgage:
720 Credit Score
85% CLTV to $400,000
80% CLTV to $500,000
75% CLTV to $750,000
700 Credit Score
85% CLTV to $300,000
80% CLTV to $400,000
75% CLTV to $750,000
680 Credit Score
80% CLTV to $400,000
75% CLTV to $500,000
70% CLTV to $600,000
660 Credit Score
80% CLTV to $300,000
75% CLTV to $400,000
70% CLTV to $500,000
640 Credit Score
75% CLTV to $300,000
70% CLTV to $400,000
65% CLTV to $500,000
Property Types:
SFR
2 Unit
4 Unit
Eligible Occupancies:
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.