Home Mortgages to 125% LTV
Secured Residential Funding, Inc. will begin excepting home mortgage application on a new loan program that could help many people take advantage of the current rates without mortgage insurance. Of course there are some restrictions but they are not as difficult as you might think.
The program works like this; you can refinance your existing first mortgage up to 105% of your current homes value. If you have a second mortgage or credit line that mortgage will subordinate to the new first and the loan to value is unlimited.
The existing first mortgage can not have existing mortgage insurance and there will not be mortgage insurance on the new first mortgage regardless on what the final loan to value is. Primary and Investment properties are both eligible for this program and there is no limit of the number of properties. Single Family Residence to four unit properties, Condominiums, Cooperatives and PUD’s are eligible properties.
The basic credit requirements are as follows;
- There is no minimum loan score.
- Adverse credit policy does not apply, in most cases.
- The borrower can not be currently involved in a bankruptcy or foreclosure
- There can not be any 60 day late on the current mortgage
- New borrowers can be added to the loan if needed as long as the original borrowers are on the new loan.
For further information on this loan program contact us.
