Second Liens

 
We Offer: 95% CLTV Max Loan Amount 75,000!!
95% CLTV Requirements

  • Reserves – 3 months PITI required for ALL properties currently owned & also New Subject Property
  • Amounts over $50,000 require 6 months PITI reserves
  • Payment Shock – no more than 2X current mortgage or rent payment
  • Self-Employed – 3 years in business with min 2 years most recent tax returns
  • Salaried – 12 months in same profession or line of work for ALL borrowers
  • Relocating, self employed borrowers are NOT allowed
  • 690 to 699 FICO allowed up to $50,000 (80/15/5 ONLY)
  • 700 FICO for Primary Wage Earner from $50,000 to $75,000

The loan terms are generally a 15 year fixed product so you will be gaining equity faster. Have a current home not selling prior to purchase of 2nd home? Consider putting a 2nd lien in place and paying off after 6 months of payments on new 2nd lien.   If you receive bonus income, positioning a 2nd lien and paying off early, can lower monthly payments wihout the expense of a refinance.   The obvious benefit of avoiding mortgage insurance is one of the primary reasons we discuss this option with our prospective clients.  Please contact us so we can show you how this program might benefit you.