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48 Meriden Rd, Suite 1, Middlefield, CT 06455

Connecticut Jumbo 2nd Mortgage Program

Northeast Financial is excited to announce that we will now be offering a Jumbo 2nd Mortgage Program in Connecticut and North Carolina.  Most noteworthy about this announcement is that many borrowers will now be able to avoid PMI on their upcoming mortgages.  A Jumbo 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 Jumbo 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

A Jumbo 2nd mortgage is similar to Home Equity Line 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 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.

Thanks,

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Michael Meyer
Senior Vice President of Northeast Financial
NMLS#117875
[email protected]
860-788-7237

NMLS#117273 

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