HELOC
Traditional HELOC is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards.
Traditional HELOC is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards.
|
CRITERIA |
LOAN DETAILS |
|
CREDIT |
660 Minimum FICO Required |
|
CREDIT TRADELINES |
Minimum of 3 Tradelines |
| OCCUPANCY |
Primary, Second, and Investment Properties |
| TERMS |
20, 30 Yr Fixed Available |
| TRANSACTIONS |
Purchase, Refinance Rate & Term, or Refinance Cash-Out |
| ELIGIBLE PROPERTIES |
SFR, Condos, and 1-4 Units |
| MINIMUM LOAN AMOUNT |
$100k |
| MAXIMUM LOAN AMOUNT |
$750k (LTV restriction Applies For Loan Amounts Above $500k) |
| CLTV |
- Max LTV 90% with Full Income Documentation |
| MAX COMBINED LIENS |
- Max LTV w/ Owner Occupied home and bank statement is 85% |
| APPRAISAL REQUIRED |
Yes |
| SQUARE FOOTAGE |
No properties under 750 sq ft |
| BANK STATEMENTS |
12 Months If Using The Bank Statements To Qualify |
| CLOSING TIME |
30 days |
| EMPLOYMENT |
Full Documentation or 12-24 Months Bank Statements |
| VESTING |
Individual Only |
| HOUSING LATES |
0x30 in the last 12 months |
| HOUSING CREDIT EVENTS |
4 Year Seasoning |
| PROPERTIES LISTED FOR SALE |
If listed for sale in the last 12 months are not eligible. |
ELIGIBLE BORROWERS |
Non-occupant co-borrowers are ineligible borrowers |
| NOTES |
6 Months of Seasoning is required |