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. Balloon loans that the balloon comes due during the amortization period of the 2nd lien.
9.2 Senior Lien Documentation Requirements
Current (within 60 days) first mortgage statement showing, Current principal balance.
Copy of note required if terms cannot be determined with statement.
HOA statement (if applicable). HOI, flood insurance (if applicable), flood cert.
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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