Jumbo Second Mortgage – Alternative Documentation Options
A Jumbo Second Mortgage allows qualified homeowners to tap into up to $500,000 in equity while keeping their existing first mortgage intact. With loan-to-value (LTV) ratios up to 85% and flexible underwriting, this program is designed for borrowers who want a large second mortgage for debt consolidation, home improvements, or business capital – without the need to refinance.
Alternative Documentation – No 4506-T Required
This Alt-Doc Jumbo Second Mortgage is ideal for self-employed borrowers or those with non-traditional income sources. Unlike conventional programs, this option does not require IRS Form 4506-T or 4506-C. Instead, income may be verified through bank statements and borrower-prepared P&L statements, making the approval process faster and more accessible.
Designed for business owners and independent contractors. This Alt-Doc Jumbo Second Mortgage is ideal for self-employed borrowers or those with non-traditional income sources. Unlike conventional programs, this option does not require IRS Form 4506-T or 4506-C. Instead, income may be verified through bank statements and borrower-prepared P&L statements, making the approval process faster and more accessible.
No 4506-T or 4506-C required
Bank Statement + P&L alternatives available
Designed for business owners and independent contractors
Credit Score & LTV Guidelines
700+ Credit Score
- Up to 85% LTV
- No 30-day lates in past 12 months
- Bankruptcy/Foreclosure: 3 years seasoning
680+ Credit Score
- Up to 85% LTV
- One 30-day late allowed in past 12 months
- Bankruptcy: 4 years seasoning
- Foreclosure: 2 years seasoning
660+ Credit Score
- Up to 80% LTV
- One 30-day late allowed
- Bankruptcy/Foreclosure: 2 years seasoning
640+ Credit Score
- Up to 75% LTV
- One 90-day late allowed
- Bankruptcy/Foreclosure: 1 year seasoning
620+ Credit Score
- Up to 65% LTV
- One 90-day late allowed
- Bankruptcy/Foreclosure: 1 year seasoning
Minimum Credit Score: 550
Loan Program Highlights
- Loan amounts: $150,000 – $500,000
- Max Debt-to-Income (DTI): 50%
- Eligible occupancy: Owner-occupied only
- Property types: Single-family, condos (warrantable), townhomes
- Available terms: 15, 20, 30, and 40-year fixed, plus 5/1, 7/1, 10/1 ARMs
- Interest-only options available
Why Choose a Jumbo Second Mortgage?
Faster approval with reduced documentation requirements
Jumbo Second Mortgage $350,000 – Get a jumbo second mortgage up to $350,000 with an 80% loan-to-value (LTV) ratio. This financing option provides homeowners with access to substantial equity without refinancing their first mortgage, offering flexibility for debt consolidation, home improvements, or other financial needs.
Preserve your low first-mortgage rate while borrowing additional funds
Access large loan amounts for personal or business needs
Flexible income documentation for self-employed borrowers
Alt-Doc for Self-Employed Borrowers
Self-employed borrowers can qualify without the hassle of extensive income verification. This alt-doc program does not require Form 4506-T, making the process faster and more accessible for business owners and independent contractors seeking a second mortgage.
Self-Employed Borrowers and Full Doc for everyone.
This program is a Non-QM (non-qualified mortgage) with some Non-Prime qualities.
Below are some specific underwriting guidelines and credit notes:
700 Credit Score
* 85% Loan-to-Value
* Mortgage History: No 30-day Lates for Previous 12 Months
* Bankruptcy – 3 Years Seasoning
* Foreclosure – 3 Years Seasoning
* Short Sale – 2 Years Seasoning
680 Credit Score
* 85% Loan-to-Value
* Mortgage History: 1 30-day Late for Previous 12 Months
* Bankruptcy – 4 Years Seasoning
* Foreclosure – 2 Years Seasoning
* Short Sale – 2 Years Seasoning
660 Credit Score
* 80% Loan-to-Value
* Mortgage History: One 30-day Late for Previous 12 Months
* Bankruptcy – 2 Years Seasoning
* Foreclosure – 2 Years Seasoning
* Short Sale – 1 Years Seasoning
640 Credit Score
* 75% Loan-to-Value
* Mortgage History: One 90-day Late for Previous 12 Months
* Bankruptcy – One Years Seasoning
* Foreclosure – One Year Seasoning
* Short Sale – No Seasoning
620 Credit Score
* 65% Loan-to-Value
* Mortgage History: One 90-day Late for Previous 12 Months
* Bankruptcy – One Years Seasoning
* Foreclosure – One Year Seasoning
* Short Sale – No Seasoning
Typically, lenders will require conventional income documentation to qualify for their mortgage programs, examples include:
* Conventional “Full Doc”
* Wage Earner
* W-2’s
* Paycheck Stubs
* Tax Returns
Self-Employed:
* CPA Letter
* Tax Returns
This lender and program do not require traditional income documentation. Furthermore, 4506-T and 4506-C Not Required.
Unconventional “Alt Doc” Income
Required Alternative Income Documentation:
* Bank Statements Only with a “Borrower Prepared” and Unaudited Profit & Loss Statements
* 24 Months Personal or Business Bank Statements
* Foreclosure – One Year Seasoning
* Short Sale – No Seasoning
Available Loan Amounts:
* $150,000 Minimum
* $500,000 Maximum
Available Loan Amounts:
* Bank Statements Only with a “Borrower Prepared” and Unaudited Profit & Loss Statements
* $150,000 Minimum
* $500,000 Maximum
** Credit Score: 550 Minimum **
50% Debt to Income (DTI)
Eligible Occupancies:
Owner Occupied Only
Eligible Property Types:
* Single Family Residence
* Condominiums – Warrantable
* Town Homes
Available Terms:
* 5/1 ARM
* 7/1 ARM
* 10/1 ARM
* 15 Year Fixed
* 20 Year Fixed
* 30 Year Fixed
* 40 Year Fixed
* 30 Year Fixed with Interest Only
* 40 Year Fixed with Interest Only
Available in the Following States:
Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, and Washington.
Reference# – 545221