Hot Loan Product #4

2nd Trust Deed Mortgages

Available up to 90% CLTV (Combined Loan-to-Value) with financials.
Stated Income (SISA) loans available up to 65% CLTV without financial documents.
For the higher loan-to-value (LTV) options, borrowers must provide either bank statements or full documentation (your choice).
Low credit scores are acceptable.
Interest rates range from 10.5% to 13.5%.
Loan terms range from 1 year to 30 years.

Hot Loan Product #4

With 12 months bank statements loan program is available in all states except: Hawaii, Texas, New York, and Vermont.
Stated Income, Stated Asset (SISA) second mortgages are limited to California properties only.

Additional Details About SISA Loans

These loans typically fall under the Alt-A classification and carry higher interest rates compared to prime mortgages.
Popular among self-employed borrowers whose tax returns don’t accurately reflect their cash flow.
Useful for borrowers with income sources that are difficult to document, such as tips in the food service industry.

List of Forms & Documents Required:

Copy of 1st mortgage “Note” sample copy of a Note – if you’re not sure what it looks like
Borrowers Address Certification Form Link
Borrowers Cert of Business Purpose Loan Form Link
If over 65 years of age need Letter from Attorney or Doctor that borrower is of sound state of mind
Photocopy of valid ID
If title to be held in Corporation/LLC Articles of Organization/Incorporation – Operating Agreement/Bylaws
Current mortgage statement
If property is leased, provide lease agreements
Insurance declaration page/quote for coverage
1003 Loan Application – use printed 1003 leave liabilities blank.
Credit report we will pull or if broker submitted need full 3 bureau – but we still have to pull it
Borrower authorization Borrower’s Authorization
Borrower authorization to run and pay for credit Credit $ Authorization Form
Borrower authorization To Wire Funds Authorization to Wire Funds
SI form – Statement of Information SI Form – Statement of Information
How do you want to hold title Vesting Form For Borrower
Social Media disclosure Social Media Disclosure
To expedite your file organize documents in adobe format “.pdf”. ***To make it easier for you we can send these document via docusign to you***