Alt Doc - Second Mortgage Bank Statement Mortgage Program

Stand-Alone Second Mortgage Program

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.

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 through the use of their HELOC credit line. It depends on the financial need of the borrower

Purpose: Second, Cash Out

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

640 Credit Score | 75% LTV to $3,000,000

(cash out can be used to meet reserve requirement)

660 Credit Score | 75% LTV to $3,000,000

620 Credit Score | 65% LTV to $3,000,000

Loan Amounts: $4,000,000

Employment Types: N/A

Eligible Business Entities: Corp, LLC, Trust

Employment Verification: N/A


Property Types: SFR, 2 Unit, 4 Unit

Occupancy: Non-Owner Occupied. Investment properties

Income Documentation

Employment Verification Documentation - VOE: N/A

Liquid assets can be used for Additional Income

Credit Scores: 620

Credit Criteria: Collection and Judge 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.

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




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