Product Center

Product Detail

CES

Overview

Second Loan Only is acceptable.

* Subject property should have a first mortgage.

Program Highlights

15 Years Fixed.

1) No Lender Fee;
2) No Prepayment Penalty;
3) Max. CLTV 85%;
4) Min. FICO 680;
5) Max. Loan Amount $250,000;
6) Primary & Second home are eligible.

General Guideline

Prime Closed End Second/CES

★30/15yr Balloon &40/15yr Balloon min loan amount $200k. | ★Maximum Combined Liens - $2.0 M.
★Most recent 2 months bank statements required if additional assets are required.
★Property Type - SFR, PUD, Condo-Warrantable.
★Properties listed for sale in the last 6 months are not eligible.
★Borrowers - Eligible for US Citizen, Non-Permanent Resident Alien (with US Credit), Permanent Resident Alien. Ineligible for Non-occupant co-borrowers & entities.
★3 tradelines reporting for 12+ months or 2 tradelines reporting for 24+ months all with activity in the last 12 months.
★Credit Event Seasoning - 48 months - Foreclosure, short-sale, deed in lieu, bankruptcy. No multiple events in last 7 years.
★Derogatory Credit - No charge-offs or collections in 48 months. No delinquent tradelines at closing.
★Housing Lates - 0x30x12 On all mortgages for all borrowers. Minimum 12 months housing history required.
★Appraisal Requirements - ①Owner Occupied/2nd Home: Previous appraisal within 12 months + Residential Appraisal Review. Review value must be equal to or greater
than appraisal; or New Residential Appraisal and AVM supporting value within 10% variance. Lower of two values to be used.②Non Owner Occupied: Previous appraisal
within 12 months + Residential Appraisal Review. Review value must be equal to or greater than appraisal. Or New 2055 appraisal and Residential Appraisal Review
supporting value within 10% variance. Lower of two values to be used; ③Declining markets maximum 75% CLTV on Owner Occupied/2nd Home. Maximum 70% CLTV on
Non Owner Occupied.

Expanded Closed End Second/CES

★Second Home CLTV=<80%(+1.000 adjusted to rate).
★Term 240 months (+0.750 adjusted to rate)

★Max Origination Point and Fee Charged must pass QM
★$1.5MM Max Combined Liens.
★Investment Property ineligible.
★Self-employed: 70% HCLTV for second/720 min FICO.


  • Previous:
  • Next: