I’m pleased to announce that we now have second mortgages and home equity loans available in combination with a first mortgage at Mortgage Master Service Corporation. I see this being very useful with keeping loan amounts under conforming limits (especially once they’re scheduled to be reduced on October 1, 2011). Here’s some quick points on this program:
- maximum allowed total loan to value is 85% with a mid-credit score of 720 or higher for owner occupied.
- maximum allowed total loan to value is 70% with a mid-credit score of 700 – 719 for owner occupied.
- maximum allowed loan to value of 80% with a mid-credit score of 720 or higher for a second home.
- available for purchases or refinances.
- maximum allowed debt-to-income ratio of 45%.
- available as a HELOC (home equity line of credit) or fixed rates.
Should you consider using a first and second mortgage combo for your home financing? That’s up to you! What’s important is knowing and understanding what options are available to you so you can make an informed decision. If you are buying or refinancing a home located anywhere in Washington state, I’m happy to help you with your mortgage needs.