Maximize Cash Out 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 is a viable solution as it doesn’t interfere with their original mortgage terms. Plus, it gives clients the ability to borrow a lump sum all at once.
- 85% Max CLTV Full Doc & Bank Statement and DSCR Closed End Seconds
- 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
- 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.
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.
