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Stand-Alone Second Mortgage

Second Mortgage Bank Statement Mortgage Loan

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

Eligible Business Entities: Corp, LLC, Trust

Employment Documentation: Operating Agreement, Business License, (if applicable)

Income Documentation: 12 Months Business Bank Statements

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 + an additional 6 Months for each REO (real estate owned)

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.

Maximum Loan Amounts: $500,000

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.

Maximum DTI 55%

* 700 Credit Score | 85% LTV to $500,000

* 680 Credit Score | 80% LTV to $500,000

* 660 Credit Score | 75% LTV to $500,000

* 640 Credit Score | 75% LTV to $350,000

* 620 Credit Score | 70% LTV to $250,000

** Eligible Occupancies: Non-Owner-Occupied/Investment properties

** Eligible Property Types: SFR, 1-2 Unit, 3-4 Unit

Credit Criteria:

Collection and Judgement 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 in DTI.

Credit Scores: 620

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.