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Second Mortgage $350,000

Jumbo Second Mortgage Alt Doc – Form 4506-T Not Required

80% LTV 2nd mortgage to $350,000 Alt-Doc for 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

** 660 Credit Score

* 80% Loan-to-Value

* Mortgage History: One 30-Day Late Maximum for Previous 12 Months

* Bankruptcy – 2 Years seasoning

* Foreclosure – 2 Years seasoning

VShort Sale – 1 Year seasoning

** 600 Credit Score

* 70% Loan-to-Value

* Mortgage History – One 60-Day Late Maximum for Previous 12 Months

* Bankruptcy – 2 Year Seasoning

* Foreclosure – 2 Year Seasoning

* Short Sale – No Seasoning

** 550 Credit Score

* 65% LTV

* Mortgage History – One 90-Day Late Maximum for Previous 12 Months

* Bankruptcy – One Year 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:

* Tax Returns

* CPA Letter

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 Statement

* 24 Months Personal or Business Bank Statements

** Available Loan Amounts:

* $150,000 Minimum

* $500,000 Maximum

** Credit Score: 550 Minimum **

50% Debt to Income (DTI)

Eligible Occupancies:

* Owner Occupied Only

** Property Types:

* Single Family Residence

* Condominiums – Warrantable

* Town Homes

** Terms:

ARM

* 5/1

* 7/1

* 10/1

Fixed

* 15 Year

* 20 Year

Available in the Following States:

Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, North Carolina, Oregon, Texas, Utah, Virginia, and Washington.

Reference# – 545221