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
Blended Rate Calculator
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.