Which banks out there can still offer 100%LTV 2nd mortgages?

Nov

Which banks out there can still offer 100%LTV 2nd mortgages?

Archived in the category: 2nd mortgages

I’m looking for a 2nd mortgage at the moment, and I will need to go to 100% LTV on the home. Are there any banks out there that still do this?

I doubt any of the major banks are lending 100%, but I’m sure some of the smaller financial groups are. Try a good mortgage broker – if you don’t know any, ask a real estate investor or title company – I’m sure there are some out there.

A few years ago, I know GMAC was financing close to 100%, but rather than guess, call the brokers and ask what kind of loans they have.

Posted by: admin - 4 Comments

4 comments for “Which banks out there can still offer 100%LTV 2nd mortgages?”

garrisonbight

I seriously doubt it… haven’t you been following the ongoing story about the loss of value on existing homes and the almost TOTAL LACK of Mortgage money because of the sub-prime market dragging the mortgage money market into the toilet.

NO MONEY AVAILABLE…. means NO MONEY AVAILABLE…

I don’t like it any better than you do… I have sold my house 4 times since April and the deal has fallen through each time because the buyers could not get financing.
References :

November 23rd, 2009 at 6:03 am

daeve930

Try Bank of America. They did when I worked there a few years ago.
References :

November 23rd, 2009 at 6:30 am

Glenn

I doubt any of the major banks are lending 100%, but I’m sure some of the smaller financial groups are. Try a good mortgage broker – if you don’t know any, ask a real estate investor or title company – I’m sure there are some out there.

A few years ago, I know GMAC was financing close to 100%, but rather than guess, call the brokers and ask what kind of loans they have.
References :

November 23rd, 2009 at 6:55 am

loanplanet

Over the last 6 months, all but a select few have pulled out of 100% second mortgage money. There is no market for it right now. Those that are still doing them are probably servicing them and keeping them in their portfolio hoping things will improve down the road. With that said….THERE IS HOPE!!! I recommend trying Irwin Home Equity. They still lend up to 100% on a second mortgage. Go to http://www.ihe.com. I have been a mortgage broker for many years now and I’m equally depressed about the lack of programs currently available to good people. Best of luck! – Paul Thistle – mortgagefreak.com
References :
http://www.ihe.com and http://www.mortgagefreak.com (mortgagefreak is my company)

November 23rd, 2009 at 7:23 am

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