Bank Statement Second Mortgage Loan Program
A Stand-Alone Second Mortgage, also known as a second lien mortgage, allows borrowers to access home equity while keeping their existing first mortgage and low interest rate. This program is available for primary residences, second homes, and investment properties, with loan amounts up to $650,000 and a minimum credit score of 640.
1099 Only and/or Bank Statements – 640 Credit Score
Alternative Documentation Option Highlights
Personal & Business Bank Statements or Full Doc W-2s & Tax Returns
Loan Amounts, CLTV, & Credit Score Requirements
* $700,000 – 85% CLTV – 660 Credit Score
* $500,000 – 80% CLTV – 640 Credit Score
Key Underwriting Guideline Requirements
Primary Residence & Second/Vacation Home: Max 85% CLTV
Second Homes & Investment Properties: Max 70% CLTV
Maximum DTI Ratio: 50%
Eligible Property Types: Single-family homes, townhomes, 2-4 unit properties, and warrantable condos
Eligible Occupancies: Owner-Occupied, Non Owner-Occupied, Second Home
Credit Score Tools: Rapid Rescore (2 business days), Credit Score Simulator, Credit Analyzer
This program provides a flexible financing solution for homeowners looking to leverage their equity without refinancing their first mortgage.
Available in the Following States:
Alabama, California, Colorado, Florida, Georgia, Hawaii, Illinois, Indiana, Maryland, Nevada, New Jersey, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.