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Home Equity Solutions

Closed-End SecondMortgage Loans

Unlock your home equity with flexible second mortgage options. Multiple income documentation types available including bank statements, P&L, and DSCR for investment properties.

Program Highlights

Flexible qualification options designed for today's diverse borrower profiles

Qualification based on WVOE, P&L, 12 months Bank Statements, or DSCR
Max DTI: 50% on income doc types (except DSCR)
DSCR Doc Type: >= 1.00
No title/ownership seasoning requirement
No asset requirement (unless >$3,000 required at closing)
AVMs allowed for appraisals
Foreign nationals allowed
Title held same as first lien

Second Mortgage Programs

Choose the program that fits your situation

NON-QM Closed-End Second

Flexible second lien for self-employed and investors

Bank Statement qualification
P&L documentation
DSCR options
Foreign nationals allowed
Max LTV:Up to 85% CLTV
Min Credit:660+ FICO

Agency Closed-End Second

Traditional second mortgage with competitive rates

Full documentation
W-2 income verification
Lower rates
Primary residence focus
Max LTV:Up to 90% CLTV
Min Credit:680+ FICO

DSCR Second Lien

Investment property second mortgage based on rental income

No personal income required
Rental income qualification
Investment properties
DSCR >= 1.00
Max LTV:Up to 75% CLTV
Min Credit:680+ FICO

Common Uses for Second Mortgages

Home Improvements

Renovations, additions, or repairs

Debt Consolidation

Pay off high-interest debt

Investment Capital

Fund real estate investments

Major Purchases

Education, business, or emergencies

Frequently Asked Questions

What is a closed-end second mortgage?

A closed-end second mortgage is a fixed loan amount secured by your home equity, taken out in addition to your first mortgage. Unlike a HELOC, you receive a lump sum upfront and repay it over a fixed term with consistent monthly payments.

How much can I borrow with a second mortgage?

Loan amounts typically range from $50,000 to $500,000, depending on your home equity, credit score, and the program. Combined loan-to-value (CLTV) ratios can go up to 85-90% depending on the program type.

Can I get a second mortgage with bank statements?

Yes! Our NON-QM closed-end second program accepts 12 months of bank statements for income qualification, making it ideal for self-employed borrowers who may not have traditional income documentation.

Are second mortgages available for investment properties?

Yes, our DSCR second lien program is specifically designed for investment properties. Qualification is based on the property's rental income rather than your personal income.

What are the credit requirements for a second mortgage?

Minimum credit scores start at 660 for NON-QM programs and 680 for agency programs. Higher credit scores may qualify for better rates and higher loan amounts.

Rate Disclaimer

Rates, terms, and program availability are subject to change without notice. All loans subject to credit approval. This is not a commitment to lend. Contact us for current rates and personalized quotes.

NorthStar Funding | NMLS #139369 | Equal Housing Lender

Lock your HELOAN rate. Most equity borrowers do.

Because you want predictable payments, a fixed-rate home equity loan locks your rate for the life of the loan. 20%+ equity. Credit 680+.

Timeline
21-28 days

Locked at confirmation. No extensions needed.

No hard credit pull to start. No commitment until closing.

Rate fixed. Payment set. We handle the rest.

Waiting means watching rates fluctuate, recalculating payments, and restarting if rates rise.

  • Rate protected
  • Timeline locked
  • Process handled
No credit pull. No commitment. Cancel anytime. That's handled.

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