Is your client looking to access the equity in their home without impacting their primary mortgage interest rate?
theLender has you covered.
Introducing
A stand alone or piggyback equity second that allows homeowners to access the equity in their homes without losing their low interest rate firsts.
theSECOND
- Loan Amounts up to $550k
- FICOs starting at 660
- O/O Full Doc max 80% CLTV
- O/O Bank Statements max 80% CLTV
- N/O/O Full Doc max up to 80% CLTV
- N/O/O Bank Statement max up to 75% CLTV
- Max DTI up to 50%
- O/O: Use original appraisal within 12 months and Appraisal Review or New appraisal with AVM is required
- N/O: Use original appraisal within 12 months and Appraisal Review or New 2055 appraisal and appraisal review
- Combined Liens up to $2.5MM
- No Assets required
- Now Allowing 1st lien to have I/O features (Max DTI 45%)
theSECOND+
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IMPROVED PRICING
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Now allowing “Alt Doc”
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Now allowing 1- & 2-year documentation options for all doc types, including:– Personal Bank Statements– Business Bank Statements
- Approved in more states than the standard theSECOND
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700 FICO to $350k increased top 90% max LTV for full doc
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680 FICO to $350k increased to 85% for full doc
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Upper FICO tier lowered to 720
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Maximum loan amount up to $550K
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Minimum loan amount to $75K
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Cash Out up to $500K
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Minimum 680 FICO
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2nd homes allowed to 80%
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Investment transactions allowed to 75%
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Geographic LTV restrictions removed
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Rural properties are now eligible
theLINE (HELOC)
- Loan amounts to $500k
- CLTVs to 90%
- 50% max DTI
- Stand-alone only, no piggy backs
- Maximum combined loans of $2M
- Minimum advance of $1K
- 680 minimum FICO
- 2 yr. standard doc only
- $75K minimum loan amount
- 0x30x12 housing/mortgage history
- 84 month credit event seasoning
- No reserves
- Up to 10 acres
- No rural
- No mixed-use
- 90 day “cooling off” after the initial draw
- All occupancies available
- 2 yr., 3 yr. and 5 yr. draw periods available
