48 Meriden Rd, Suite 1, Middlefield, CT 06455

Connecticut 2nd Mortgage Loan Program

Northeast Financial is excited to announce that we will now be offering Connecticut 2nd Mortgage Loan Program.  Most noteworthy about this announcement is that many borrowers will now be able to avoid PMI on their upcoming mortgages.  A Connecticut 2nd Mortgage can either be done as a stand-alone mortgage or as a combination with a first mortgage.  Rates will vary depending on credit scores and the combined loan to value on the transaction.  Furthermore, borrowers can choose loan terms from 5 to 30 years either as a fixed or adjustable mortgage.

2nd Mortgages have a minimum loan size of 25K and can go as high as 500K.  The combined loans of the 1st and 2nd mortgage can not go over 2MM.  If a borrower has had a bankruptcy or foreclosure in their past, they will be required to wait 4 years before applying for a 2nd mortgage.

Stand Alone 2nd Mortgage Program

  • First of all, only a Drive by Appraisal (175K max loan size) is required.
  • Secondly, there is a 500K max loan amount with a full appraisal.
  • Third, up to 100% CLTV (combined loan to value) is allowed with a 740+ credit score.
  • Finally, a minimum 640 credit score is required.

Combo 2nd Mortgages

  • First of all, the first mortgage appraisal can be used.
  • Secondly, there is a 500K max loan amount.
  • Third, up to 95% CLTV (combined loan to value) is allowed with a 740+ credit score.
  • Fourth, a minimum 640 credit score is required.
  • Finally, the title from the first mortgage is used to lessen closing costs.

In Conclusion

2nd mortgages are similar to Home Equity Lines of Credit (Heloc) in that they usually fall in the 2nd position on title behind a first mortgage.  In contrast to a Heloc, the 2nd mortgage program is fully amortized. It also gives borrowers the ability to have a fixed loan for up to 30 years.

Northeast Financial is your mortgage resource for when you need a Connecticut 2nd mortgage, conventional loan, FHA, VA, or USDA mortgage.  Call us today for a free consultation.  The pre-approval process is easy and we will work with you every step of the way.



Ashley Socquet
Loan Originator
NMLS#:1848164 and Company NMLS#:117273