Home Equity Lines/Loans
Home Equity Lines, Home Equity Loans, Second Mortgage
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Is limited documentation
(aka EZ doc, no income qualifier) available on
Yes, it is possible to get a second mortgage
without documenting your income. Most lenders will require that you have
approximately 20% equity in your property (after closing on the second
mortgage) and the rate typically will not be as favorable as when income
documentation is provided.
No income verification loans on second mortgages are very rare and difficult to obtain. Typically they are asset based in nature and require verification that a borrower has 100% of the loan amount requested held in reserve in a liquid account.
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