Second Mortgage
No Score for FN or FICO 680
Up to 90% CLTV
Our Second Mortgage is designed to provide an additional financing option for homeowners who are looking to borrow money against the equity in their homes. A Second Mortgage can be used for a variety of purposes, including home renovations, debt consolidation, or other expenses. With this program, you can help your clients unlock the financial potential of their homes while expanding your lending offerings.
Program features- Max loan amounts up to $500,000
- Min loan amounts $50,000
- DTI up to 50%
- Gift funds allowed
- No FICO option available for FN
- Alt docs allowed
- Eligible for Non-Permanent Resident & Foreign National (Investment only)
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Program details
Loan amounts up to $500,000
DTI up to 50%
Owner-occupied, second home, or investment
No Score or FICO 680
Max Cash-in-Hand $500,000
Reserves: Texas 50 (a)(b) prohibited
LA ≤ 1,000,000: min 3 months; LA > 1,000,000 and LA ≤ 2,000,000: min 6 months; LA > 2,000,000: min 12 months; rate & term and cash-out: no minimum requirements
Gift funds are allowed (under 80% CLTV borrower contribution required: OO - 0%, Inv - 10%; over 80% CLTV: OO - 5%, Inv - NA). Gift funds can be used as reserves for purchase transactions.
Mortgage history: 0x30x12 and 0x90x24
48 months out of credit event
Eligible property types: SFR, condo warrantable/non-warrantable, 2-4 units (not available for 2nd home), PUD, short-term rentals (75% CLTV Max)
Various fixed terms
Interest only not allowed
Eligible citizenship: US citizenship, Permanent & Non-Permanent Resident, Foreign National
Eligible borrowers: Individuals, LLCs/Corp without a hit
Fast turnaround times
As fast as
24 hr
Disclosure
As fast as
24 hr
Underwriting
As fast as
48 hr