Question:

I need a stated income fixed rate 2nd mortgage – can I find one?

Answer:

Taking a limited documentation 2nd mortgage loan may not be possible with all lenders. Moreover, right now, second mortgages and home equity lines are a little stranded by lenders. Certain limitations apply to many mortgage products on the market.

However, should you need a second mortgage you can get one for sure - especially if you have good credit. If your credit score is below 650 a SIVA (stated income verified assets) fixed rate second mortgage loan should be possible. Have in mind, though, that there will be lenders refusing to go No doc with fixed or adjustable rate 2nd mortgage.

Why take a fixed rate 2nd mortgage?

A fixed rate 2nd mortgage note is commonly signed to tap existing equity or to avoid private mortgage insurance. Debt consolidation is also a good reason to get a fixed rate 2nd mortgage loan.

Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
Link:
Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
Link:
Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Why: Find your next home and save money.
Link: Search thousands of foreclosures. Free 7-day trial.
Link this QnA Print del.icio.us Digg
Was this Mortgage QnA helpful?
Not at all
  • Currently 3/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
 Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA:

Common misspellings: mortage and morgage