The requirements of the
conventional lenders are strict; however, Better
extensive portfolio of private lenders enables us to arrange additional
or alternative financing for those who may not have met the requirements
of the conventional lenders.
Requirements for 2nd Mortgages from Conventional Lenders:
Our experience in putting together financing that includes second mortgages is unparalleled. Many of the borrowers who contact us are having trouble meeting some of the criteria that conventional lenders require to qualify for a loan. Often this is the result of:
- Up to 85% of appraised value of home
Better Option Mortgage prides itself in its ability to help borrowers
meet these criteria or find other lenders where:
- inability to verify income
- a recent bankruptcy
- poor credit history
We counsel our clients on how to meet the criteria for 2nd mortgages with conventional lenders. Often this isn't as cut and dried as the lender would have you believe. We also have an extensive and expanding portfolio of private lenders which enables us to provide alternate solutions to this problem. Contact us for more information or to arrange a consultation to learn more.
- criteria is not as strict
- lender enables the borrower to meet the criteria in a more realistic manner