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Closed End Second Loans

Credit scores starting at 700

Up to 85% CLTV

Angel Oak’s Stand-Alone Second Lien product is designed for self-employed borrowers and real estate investors who can qualify using 12-24 months of personal or business bank statements. These loans enable borrowers to tap into their home’s equity while retaining their first mortgage. With this product, borrowers receive a lump-sum payment and there are no restrictions on how borrowers can use the funds.

  • Loans up to $500,000 with a minimum of $75,000
  • Rates are 30-year fixed, 20-year fixed, 15-year, or 10-year fixed
  • Cash-out or rate-term refinance
  • Owner-occupied, second homes, and non-owner occupied
  • SFR, Townhomes, 2-Unit, and Warrantable Condominiums
  • Bank Statements (Business or Personal and 12 or 24 months of statements)
    • Minimum score 720
  • Full Doc (1 or 2 yrs. Tax Returns or W-2’s w/ YTD Pay Stubs or Profit and Loss)
    • Minimum score 700
  • Up to 50% DTI
  • Owner occupied program is not available in TX
  • Program not available in TN

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What is the benefit to originators who use non-QM loan products?

Originators who utilize non-QM offer a service that their competition may not offer. They become an expert and go-to for the non-QM borrower. The benefit is increased referrals and business growth despite changes in the market. Continue to increase your volume each year regardless of fluctuating interest rates, tighter Agency guidelines, and a slowing refinance market.

Additional Program Options

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