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Senior Liens

Section 9.0 Senior Liens

9.1 Senior Lien Limits

Limitations on existing or new senior liens.

9.1.1 Maximum Combined Liens

The maximum combined 1st an 2nd liens is $1,500,000.

9.1.2 Ineligible Senior Liens

Loans in active forbearance or deferment.
Negative amortization.
Reverse mortgages.
Interest only mortgages
Balloon loans that the balloon comes due during the amortization period of the 2nd lien.

9.2 Senior Lien Documentation Requirements

Stand-Alone CES:
Current (within 60 days) first mortgage statement showing,
Current principal balance.
Fully amortized.
Term.
Copy of note required if terms cannot be determined with statement.
HOA statement (if applicable).
HOI, flood insurance (if applicable), flood cert.
Piggy-Back 2nd:
Follow 1st lien income requirements.
1st mortgage approval reflecting 2nd .
DU/LP Approve/Eligible, or LP Accept or Approve/Accept/Ineligible due to loan size or nonconforming 1st liens (if applicable).
Purchase agreement (if applicable).
Closing instructions reflecting 2nd.

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