Unconventional Mortgages and Loans (800) 718-8906

Unconventional Mortgages and Loans

Customer Service: (800) 718-8906

Second Mortgage Bank Statement Loan

Second Mortgage Bank Statement Mortgage Program

This program 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.

Stand-Alone Second Mortgage Program – 55% Debt-to-Income (DTI)

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.

Max Loan Amount: $500,000

Acceptable Employment Types

Self-Employed

Acceptable Income Documentation

* 24 Months Business Bank Statements

Acceptable Employment Verification Documentation

* Business License, Articles of Incorporation, Certification, CPA/Tax Preparer Letter

* Eligible Business Entities: Corp, LLC, 1099

* Debt-to-Income Ratio – 55%

Purpose – Second Mortgage:

700 Credit Score

* 85% LTV to $300,000

* 700 Credit Score

* 80% LTV to $400,000

700 Credit Score

* 75% LTV to $600,000

Property Types: SFR, 2 Unit, 4 Unit

Occupancy:

Owner-Occupied, Non-Owner-Occupied Investment Properties

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.

Loan Scenario Form – Credit Check Not Required ~

Available in the Following States:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Nevada, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.

Alternative Income Documentation

Contact a Loan Officer

Non-Qualified Mortgage Lending