What is the Closed End Second？
Closed End Second: Second Loan Only is acceptable.
* Subject property should have a first mortgage.
Closed End Second Program Highlights
♦ No Lender Fee;
♦ 1-4 Units;
♦ Primay Home, 2nd Home / Investment (Max CLTV 80%)
♦ Max Loan Amount Up To $500,000, loan amount>500,000, call for price/Max Combined Lien Up To $2,500,000
♦ Purchase/Cash Out/Rate & Term Ineligible
♦ Primay Home/2nd Home/Investment(Max CLTV 80%)
♦ Stand-Alone CES / Piggy Back (The 1st lien must be done at AAA LENDINGS)
♦ 12 Months Bank Statement / 1 Yr Full Doc / 2 Yrs Full Doc
Loan Level Price Adjustments follow Full Doc Prime CES (see above) except:
1. 2nd lien position behind a traditional Agency 1st lien.
2. Primary only.
3. Min FICO 700.
4. Property Type: SFR/PUD/Warrantable Condo.
5. Max DTI 45 and max loan amount 500K.
6. Loan Term: 20 Yrs Fixed
