Second Mortgages

This Stand-Alone Second Mortgage program is designed for self-employed borrowers and real estate investors who can qualify using 12-24 months of business bank statements; full doc option also available. These loans enable borrowers to tap into their home’s equity while retaining their first mortgage. With this product, borrowers receive a lump-sum payment and there are no restrictions on how borrowers can use the funds.

Guidelines

• Minimum 700 credit requires 25% equity.

• Minimum Equity 15% with 740+ Credit.

• Loans up to $750,000 with a minimum of $100,000.

• Cash-out or rate-term refinance.

• Owner-occupied, second homes, and investment properties.

• 12 or 24 months’ business bank statements.

• Full doc (2 years’ tax returns and YTD P&L, or 2 years W-2’s with YTD pay stubs for non-self-employed).

• Rate Options: 30-year fixed, 20-year fixed, 15-year, or 10-year fixed.

• Can never have had a foreclosure, short sale, modification, or deed-in-lieu; 60 months’ seasoning from bankruptcy required

• Up to 50% DTI.