Foundation Mortgage is excited to announce a new partnership with one of the world’s largest banks, globally ranked in the top 20. This strategic collaboration enables Foundation Mortgage to launch its Closed-End Second Lien Mortgage Program, a groundbreaking offering designed to help borrowers access the equity in their homes without affecting the interest rate on their primary mortgages.
The program, set to roll out on January 2nd, 2025, offers borrowers a secure and efficient way to meet significant financial needs.
Program Highlights
Maximum Loan Amounts: Up to $750,000 (higher amounts available by exception).
- Income Documentation Options: Bank Statement, Asset Depletion, DSCR, ITIN. Income Guidelines in most cases follow Foundation 1st Lien Non-QM Guides.
- Eligible Occupancies: Primary residences, second homes, and investment properties.
- Transaction Types: Stand-alone or simultaneous second lien.
This program is perfect for borrowers planning to remain in their homes long-term while needing funds for home renovations, tuition, debt consolidation, or other large expenses. Its fixed interest rates and predictable monthly payments provide stability and flexibility for homeowners.
Flexibility for Unique Borrower Needs
The Closed-End Second Lien Mortgage Program introduces flexible Non-QM income qualification options, ensuring that more borrowers can access the funding they need. Additionally, this program can be structured as a stand-alone second lien or as a simultaneous second lien for added versatility.
“This program represents a significant step forward in our ability to serve the diverse needs of our clients,” said Marc Halpern, CEO at Foundation Mortgage. “By partnering with a trusted global financial leader, we’re bringing an exclusive solution to the market that empowers borrowers to leverage their home equity while keeping their primary mortgage intact.”
Benefits of the Closed-End Second Lien Mortgage Program
Borrowers will enjoy:
- Immediate access to funds through a one-time lump sum.
- Fixed terms and monthly payments for financial stability.
- Competitive interest rates, often lower than other financing options like credit cards.
What This Means for Brokers and Borrowers
With this innovative program, Foundation Mortgage continues to lead the way in delivering cutting-edge mortgage solutions. Brokers will benefit from offering their clients a versatile product that meets a wide range of financial needs while maintaining competitive terms.
Launch Date: January 2nd, 2025
For more details or to speak with a representative, visit our Products page to learn more about the Closed-End Second Lien Mortgage Program.
