Unconventional Mortgages (800) 718-8906

Unconventional Mortgages and Loans

(800) 718-8906

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Stand-Alone Second Mortgage

A Stand-alone Second Mortgage, also known as a second lien mortgage, enables borrowers to unlock equity while retaining their current first lien mortgage and low interest rate. This mortgage loan program is applicable for primary residences, second homes, and investment properties. A minimum credit score of 660 is required, with loan amounts reaching up to $650,000.

For primary residences, the maximum Combined Loan-to-Value (CLTV) ratio allowed is 85%, whereas for second homes and investment properties, it is capped at 70%. Additionally, the maximum Debt-to-Income (DTI) ratio permitted is 50%. Eligible property types include single-family residences, townhomes, 2-4 unit properties, and warrantable condos.

Stand-Alone Second Lien Mortgage – Alt Doc

Income Documentation: Personal and Business bank statements, and Full Doc combined.

Guideline Notes:

Income Documentation:

Bank Statements and/or Full Doc W2s, Tax Returns

Loan Amounts $650,000

660 Credit Score

Maximum Combined Loan-to-Value 85% – Primary Residence, and Second/Vaction Home

Maximum CLTV 80% – Non-Owner-Occupied/Investment Properties

Maximum Debt-to-Income ratio 55% DTI

Eligible Occupancy Types: owner-occupied, second home, and investment properties

Eligibile Property Types: Single family residence, townhomes, 2-4 units, and warrantable condos

Alternative Income Documentation

Contact a Loan Officer

Non-Qualified Mortgage Lending

Hard Money Loans

Investor Loans

Investment Property Loans