Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Can loans secured by investment properties, second/vacation homes, mobile homes, and HELOCs be included as qualified collateral?

April 26, 2017HELOCs homes included Investment Loans mobile properties secured vacation

0

Posted

Can loans secured by investment properties, second/vacation homes, mobile homes, and HELOCs be included as qualified collateral?

1 Answer

0

Posted

These types of loans can be eligible collateral. In order to be accepted as collateral they are subject to individual review by the Bank. These loan types cannot be part of the blanket pledge of owner-occupied 1-4 family loans. Non-owner occupied and investment loans typically receive a 50 percent haircut. Please contact the Collateral Department at (617) 292-9711 for information regarding the Bank’s procedure for pledging these types of collateral.