Reach more clients and give them more borrowing power with Non-QM Closed-End Seconds!
Maximize your clients’ equity borrowing power! A primary concern for borrowers is fear of losing their existing interest rate on their Non-QM loan in order to access their equity. A Closed-End Second may be a solution. It gives clients the ability to borrow a lump sum all at once.
Program Highlights:
- 85% Max CLTV Full Doc & Bank Statement
- Owner Occupied, 2nd Home and Investment Properties
- One Year Self Employed available
- Purchase, Rate/Term Refinance, and Cash-Out Refinance Available
- Fixed Term Rates Available
- Terms: 10, 20, & 30 year
- Credit Scores down to 660
- Loan Amounts to $750,000
- Eligible as 2nd lien only
- Fully disbursed at closing, no draw feature
- Qualifying payment is fully amortized payment
- Minimum loan amount $100,000
- AVMs available for loans ≤ $250,000*
- Properties with a solar lien are eligible (check matrix)
- Non-Warrantable Condos Eligible
*HPML High Priced Mortgage loans not eligible. See our Closed End Seconds Matrix for details.
Contact your Account Executive for more information.
Loans originated in US Territories and the following states are ineligible: MI, NJ, NY, TN, TX, VT, WV. Restrictions apply, contact your Account Executive for details. Important to note that a Closed-End Second Mortgage may typically have a higher interest rate than the first lien mortgage.