– AAA Lendings Second Loan – AAA Lendings Detail:
Overview
Second Loan Only is acceptable.
* Subject property should have a first mortgage.
* This Program can be available on AZ,CA,CO,FL,GA,IL,MD,MI,MN,OH,OR,PA,SC,VA,WA.
Details
1) No Prepayment Penalty;
2) 1 Unit & Up to 90% CLTV;
3) Min FICO 680;
4) Max Loan amount $250,000;
5) Primary & Second home eligible.
Credit Guideline
(1)If there are past due unpaid Federal income taxes, provide installment agreement with the IRS, payment history showing at least 1 payment being made and that the borrower is current, and include the monthly payment in the borrower’s debt obligations. Proof of income tax payment may be required to verify there are no past due taxes.
(2)Tax liens must be paid off at or before closing
(3)No mortgage delinquency (0×30) in the last 24 months
(4)For any mortgage forbearance or payment deferral agreements that occurred during the COVID-19 pandemic time period, borrower(s) must have made at least 6 consecutive separate on-time monthly housing payments and at least 6 months must have elapsed since the forbearance/deferment arrangement ended
(5)Borrower(s) must be current on all mortgage debt
(6)No judgements, repossessions or charge offs in the past 60 months
(7) The following are considered severe delinquency, regardless of AUS feedback; Borrowers with these profiles are ineligible until a period of 7 years has passed since occurrence and credit has been re-established.
①Bankruptcy ②Foreclosure / Deed in Lieu of Foreclosure ③Short Sale or Short Payoff ④Mortgage modification, forbearance or deferment (excluding COVID-19 related)
General Guideline
(1) Max DTI 43.000%
(2)Qualifying rate is qualified at initial note rate.
(3)Assets/Funds to Close/Reserves follows first lien requirements
(4) Title may not be held in the name of a trust.
(5) POAs are permitted for all transaction types but must cover the 2nd lien transaction if utilized.
(6) Leasehold not eligible
(7)No Prepayment Peanlty but require that any loan can be paid off or makes principal curtailments in excess of 20% of the balance after 180 days of funding date.
(8) AAA LENDINGS will not do HPML Ballons (APR > 15 Year Fixed APOR +3.5%)
Product detail pictures:
Related Product Guide:
AAA LENDINGS takes pride in our community involvement and social responsibility. We believe that being a responsible lender means giving back to the communities we serve. Our team actively participates in charitable initiatives, supporting local causes, and promoting financial literacy. We're not just in the business of providing loans; we're invested in making a positive impact on the lives of our clients and the communities they call home. – AAA Lendings Second Loan – AAA Lendings , The product will supply to all over the world, such as: Toronto , Estonia , Detroit , We always hold on the company's principle honest, professional, effective and innovation, and missions of: let all drivers enjoy their driving at night, let our employees can realize their value of life, and to be stronger and service more people. We are determined to become the integrator of our product market and one-stop service provider of our product market.
By Myrna
from
Brisbane
-
2017.12.09 14:01
Product quality is good, quality assurance system is complete, every link can inquire and solve the problem timely!
By Chloe
from
US
-
2018.11.04 10:32
