Closed-End Second Mortgage

Closed-end Second Mortgage AKA HELOAN is different than its sister program the HELOC. The main difference is that the HELOC is a revolving line of credit where as the HELOAN is not revolving and a lump sum is allocated with a fixed monthly payment until the balance is zero.

• $75K to $500K
• Full-Doc Qualification
• SFR, Warrantable Condos, PUD, 2-4 units
• Up to 85% CLTV
• CLTV: 2-4 units to 65%; Condos to 80%
• DTI: Primary: 50% max. and Second/Investment 45% max.
• FICOs from 680
• U.S. Citizens
• Permanent & Non-Permanent Residents (Non-permanent residents only allowed on primary residence)
• Major derogatory credit seasoned for 48 months

To learn more about which program is best for your goals we urge you to contact our office and speak to a knowledgeable loan officer who can explain the difference between the HELOAN and the HELOC and which program best suits your needs.