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Stand-Alone Second Mortgage

Second Mortgage Bank Statement Loan

Loan Purpose: Purpose: Second Mortgage/ Cash Out/ Debt Consolidation (cash out can be used to meet reserve requirement)

Alternative Self-Employed Income Documentation:

* 12 Months Personal Account Bank Statements

* 24 Months Business Account Bank Statements

* Debt-to-Income Ratio to 55% ~

2 Months Most Recent Consecutive Bank Statements – Liquid Assets can be used for Additional Asset Depletion Income

Reserve Requirement:

3 Months PITIA for Subject Property + 6 Months for each financed REO

This product 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.

Jumbo Loan Amounts: $750,000

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 for a HELOC credit line.

Credit Score & Credit Criteria

* Minimum Credit Score: 620
* Collection and Judgement equaling $300 or more must be paid off
* Any negative tradelines greater than 7 years need not be counted in DTI

Credit Score | Max Loan Amount | Loan-to-Value

* 700 Credit Score | $500,000 to 85% LTV
* 680 Credit Score | $500,000 to 80% LTV
* 660 Credit Score | $500,000 to 75% LTV
* 640 Credit Score | $350,000 to 75% LTV
* 620 Credit Score | $250,000 to 70% LTV

Eligible Business Entities:

* C Corporation
* S Corporation
* LLC
* Trust

Eligible Occupancies:

* Owner-Occupied/ Primary
* Non-Owner-Occupied/Investment Properties

Eligible Property Types:

* Single Family Residence – Attached
* Single Family Residence – Detached
* 1-2 Unit
* 3-4 Unit

Except for the first mortgage, all outstanding title liens must be paid prior to closing.

Available in the Following States:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.

Alternative Income Documentation

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