Closed-End
Second Mortgage

What is a Closed-End Second (CES) Mortgage?
A closed-end second mortgage loan (CES) is a second mortgage that allows homeowners to tap into the equity of their home and use the money to pay for major repairs, debt consolidation, or other critical costs. 

  • Min. FICO 680
  • Max DTI 50%
  • Min. Loan Amount: $100,001
  • Max Loan Amount: $500K
  • LTVs as high as 85%
  • Fixed Rate - Fully amortizing terms of 10, 15, 20, 25 & 30 years

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Bank Statements
12-months of business bank statements
Or, 12-months of Personal + 2-months of business

1099
1-Year 1099
Fixed Expense Ratio of 10%
YTD documentation to support continued receipt of income

Full-Doc
Self-Employed: 1-year personal and business (if applicable) Tax returns, YTD P&L, IRS Form 4506-C
Wage/Salary: 1-year Paystubs, W-2, IRS Forms 4506-C, Verbal VOE

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Closed-End 2nd Mortgage Guidelines