Second Mortgage Bank Statement Mortgage Loan Program

Stand-Alone Second Mortgage Program

Required Credit Score - 700

CLTV (Combined Loan-to-Value) /Loan Amount:

  • 85% CLTV / $250,000
  • 80% CLTV / $350,000
  • 75% CLTV / $500,000

Property Types

  • Single Family Residence
  • Townhomes
  • Condos
  • PUD's

Occupancy:

  • Owner-Occupied Only

Cash Reserves:

  • 3 Months PITI - Principle, Interest, Tax, and Insurance

Credit Criteria:

Credit Criteria Credit Accounts/Tradelines:

This second mortgage bank statement mortgage loan requires the borrower's credit report to show a minimum of 3 open or closed tradelines with a minimum of 12 months of activity history or 2 tradelines with a 24-month history that also requires activity within the previous 12 months, not including Authorized User-Accounts. Alternative tradelines are acceptable such as a 12 months housing payment history. Credit accounts to which the borrower is not required to make payments is not considered an acceptable tradeline such as deferred loans, derogatory items such as collections, charge-offs, including accounts that were discharged in a bankruptcy.

 

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