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
12-months of business bank statements
Or, 12-months of Personal + 2-months of business
Fixed Expense Ratio of 10%
YTD documentation to support continued receipt of income
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