Old Second

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Special Financing Situations

Old Second offers flexible solutions for your special or complex financing needs. Whether you want to build a home from the ground up, supplement your retirement income, or help your parents remain in their home while covering in-home health care costs, an Old Second residential lender can help craft a solution for you.

Financing Options

  • Home Affordable Refinance Program (HARP)

    The Federal Government's Home Affordable Refinance Program (HARP) is designed specifically to help borrowers who may not qualify for traditional refinancing due to low home value or because they have low or no home equity. You may be able to lower your monthly payment, your rate or move from an adjustable rate loan product to a fixed rate loan product.

    Do you qualify for HARP? (the following requirements must be met)

    • Your loan is owned or guaranteed, and acquired by Fannie Mae or Freddie Mac on or before May 31, 2009.
      • To determine if your loan is owned by Fannie Mae, visit KnowYourOptions.com or call (800)7Fannie.
      • To determine if your loan is owned by Freddie Mac, visit FreddieMac.com or call (800)Freddie.
    • You are “current” on your mortgage payments - no missed payments in the last 6 months, and no more than one payment missed in the last 12 months.)
    • Your first mortgage exceeds the current market value of the home (i.e., your loan-to-value ratio must be greater than 80% and less than 125% to be eligible.)

    What are the benefits?

    • You may lower your interest rate.
    • You may lower your month payment.
    • You may adjust the term of your loan.
    • You may refinance into a fixed rate mortgage.

    This program expires December 31, 2015. To see if you qualify for HARP, click here to set up an appointment with a Residential Lender

  • Old Second Specialty Programs

    At Old Second, we offer access to a variety of specialty residential financing programs. A residential lender can work with you to discuss your needs and what options work best for you.

    • Vacant lot loans offer short-term and intermediate-term financing when you want to purchase land on which you plan to construct your primary residence
    • Construction loans offer solutions to help you build your primary home and to meet builder requirements for interim financing on new construction
    • Bridge or “gap” loans help you obtain financing to make a down payment and pay closing costs on your new home before you receive the proceeds from the sale of your current property