Closed-End Second Mortgage
A Second Mortgage for Self-Employed and Real Estate Investors
Angel Oak’s Stand-Alone Second Mortgage program is designed for self-employed borrowers and real estate investors who can qualify using 12-24 months of business bank statements; full doc option also available. 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.
660
Min Fico
(Up to 80% CLTV)
90%
Max LTV
(Minimum 720 FICO)
Loans up to
$750,000
with a minimum of $100,000
12 or 24 months’
business bank statments
Rates are
30-year fixed, 20-year fixed, 15-year, or 10-year fixed
Up to
50% DTI
- Cash-out or rate-term refinance
- Owner-occupied, second homes, and investment properties
- Full doc (2 years’ tax returns and YTD P&L, or 2 years W-2’s with YTD pay stubs for non-self-employed)
- Can never have had a foreclosure, short sale, modification, or deed-in-lieu; 60 months’ seasoning from bankruptcy required
*Owner occupied program is not available in TX
FAQ’s
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.
Bank Statement Questionnaire
Our bank statement questionnaire collects some basic information on your financial history and expenses. This information will be used to help assess financial stability.
Blended Rate Calculator
Angel Oak’s blended rate loan calculator assists borrowers and brokers in determining the average interest rate and total payment associated with obtaining multiple mortgage loans on a single property.