Eligible First Liens
Homium requires that the first lien be a standard repayment term mortgage with normal terms and conditions. The following lien types are eligible for a Homium subordinate lien:
Fixed Rate
ARM with normal amortization
The following lien types are not eligible for a Homium subordinate lien:
Free and Clear
Loans that allow for negative amortization
Loans that allow for additional draws that increase the amount of the outstanding balance on the first lien
Any loan that does not have regular monthly payment terms or normal amortization
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