Programs

The Purchase Money Second Mortgage

Use this program in addition to a first mortgage.  The purpose of this loan is to reduce the amount borrowed on a first mortgage to avoid PMI and build equity quicker.  Luxury home buyers will find this program to be of a huge advantage.  Contact a loan officer and we will help you determine what your savings will be.

Guidelines:

Subject to Credit Approval
Purpose: Cash for purchase of property
Minimum Loan: $10,000
Property: Single-family, owner-occupied
Terms: Up to 240 months
Requirements: All documents used to process your first mortgage will be used for for this loan.  Usually no additional processing or costs are involved.

How it works:

First mortgage: 75-80% of purchase price
Second mortgage: 10-20% of purchase price
Down payment: 5 -10% of purchase price

 

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