Features
- Loans between $75,000 and $750,000
- Owner-occupied, second homes, and investment properties
- 12- or 24-months of business bank statements
- Full doc (2 years of tax returns and YTD P&L)
- Multiple loan terms available
- Not available in all states
About Self-Employed Second Mortgages
The Self-Employed Second Mortgage Product is designed for self-employed borrowers and real estate investors who can qualify using 12-24 months of 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.
Who should use a Home Equity Loan?
Homeowners who have paid down their mortgage enough to build equity and need a large lump sum of cash might consider a home equity loan. If you already have a good rate and do not want to refinance your home, a home equity loan could be a good option, as your original mortgage and its interest rate will stay the same.
If you’re not sure a Home Equity Loan is right for you, there are other options for tapping into your home’s equity. A Home Equity Line of Credit is another type of second mortgage that lets you borrow against your home’s equity as needed over time, similar to a credit card. A cash-out refinance allows you to refinance your current mortgage to a higher amount, allowing you to receive the difference. We offer several specialized loans for self-employed borrowers that can be used for cash-out refinancing, such as Bank Statement loans, 1099 Income loan, Profit & Loss loan, or Asset Qualifier.
Not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan and applicant's credit, income, property, and a minimum loan amount.