HELOC and 2nd Position Loan Programs
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|
CRITERIA |
LOAN DETAILS |
|
CREDIT |
|
|
CREDIT TRADELINES |
Minimum of 3 Tradelines |
| OCCUPANCY |
Primary or Secondary Homes Only |
| TERMS |
10, 15, 20, 30 Yr Fixed Avalaible |
| TRANSACTIONS |
Purchase, Refinance Rate & Term, or Refinance Cash-Out |
| ELIGIBLE PROPERTIES |
SFR, Condos, and 1-4 Units |
| MINIMUM LOAN AMOUNT |
$65k |
| MAXIMUM LOAN AMOUNT |
$350k |
| LTV |
- Max LTV 80% for a 2nd home w/ Full Documentation |
| MAX COMBINED LIENS |
- Max LTV w/ Owner Occupied home and bank statement is 85% |
| APPRAISAL REQUIRED |
Yes |
| SQUARE FOOTAGE |
No properties under 600 sq ft |
| BANK STATEMENTS |
None Required |
| CLOSING TIME |
30 days |
| EMPLOYMENT |
Full Documentation or 12-24 Months Bank Statements |
| VESTING |
Individual Only |
| HOUSING LATES |
0 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 |
| CRITERIA |
LOAN DETAILS |
| CREDIT |
|
| CREDIT TRADELINES |
Minimum of 3 Tradelines |
| OCCUPANCY |
Primary or Secondary Homes Only |
| TERMS |
30 Yr Fixed Available |
| TRANSACTIONS |
Purchase, Refinance Rate & Term, or Refinance Cash-Out |
| ELIGIBLE PROPERTIES |
SFR, Condos (Established Projects Only), and 1-4 Units |
| MINIMUM LOAN AMOUNT |
$50k |
| MAXIMUM LOAN AMOUNT |
$500k |
| LTV |
|
| APPRAISAL REQUIRED |
Yes |
| SEASONING REQUIREMENTS |
- 0-6 Months - Must use the lower of the purchase price or appraised value |
| VESTING |
LLC, Corp. , Partnership, or Irrevocable Trust are Not Permitted |
| CLOSING TIME |
30 Days |
| EMPLOYMENT |
Full Documentation |
| MORTGAGE ACCOUNT |
- The first mortgage loan cannot be in an active deferment or forbearance period. If expired a minimum of three-month timely payments must be documented |
| CH 7 OR 11 BANKRUPTCY |
4 Years from Discharge or Dismissal Date |
| CH 13 BANKRUPTCY |
2 years from Discharge or Dismissal Date |
FORECLOSURE |
7 Years of Seasoning |
| HOUSING CREDIT EVENTS |
4 Year Seasoning |
ESCROW |
Not permitted |
| ELIGIBLE BORROWERS |
Non-occupant co-borrowers are ineligible borrowers |
NOTES |
Paying off debt to qualify is permitted (paying down debt to qualify is not permitted) |
| CRITERIA |
LOAN DETAILS |
| CREDIT TRADELINES |
Minimum of 3 Tradelines |
| OCCUPANCY |
Primary or Secondary Homes Only |
| TERMS |
30 Yr Fixed Available |
| TRANSACTIONS |
Purchase, Refinance Rate & Term, or Refinance Cash-Out |
| ELIGIBLE PROPERTIES |
SFR, Condos, and 1-4 Units |
| MINIMUM LOAN AMOUNT |
$50k |
| MAXIMUM LOAN AMOUNT |
$3 Million |
| LTV |
Up to 85% CLTV |
| APPRAISAL REQUIRED |
Yes |
| SEASONING REQUIREMENTS |
- 0-6 Months - Must use the lower of the purchase price or appraised value |
| VESTING |
LLC, Corp. , Partnership, or Irrevocable Trust are Not Permitted |
| CLOSING TIME |
30 Days |
| EMPLOYMENT |
No Tax Returns unless under 500 |
| MORTGAGE ACCOUNT |
- The first mortgage loan cannot be in an active deferment or forbearance period. If expired a minimum of three-month timely payments must be documented |
| CH 7 OR 11 BANKRUPTCY |
No Bankruptcy in the last 5 years |
| CH 13 BANKRUPTCY |
2 years from Discharge or Dismissal Date |
FORECLOSURE |
7 Years of Seasoning |
| CREDIT EVENTS |
No 90-day mortgage delinquencies in the past 2 years. |
ESCROW |
Not permitted |
| ELIGIBLE BORROWERS |
U.S. Citizen or Permanent Resident |
NOTES |
Finance with no monthly payments. Get Cash in exchange for a percentage of your home’s future value |
| CRITERIA |
LOAN DETAILS |
| CREDIT |
None required. If you do, minimum is 640 |
| DOWN PAYMENT |
25% |
| OCCUPANCY |
2nd Home or Investment only |
| TERMS |
30 Yr Fixed |
| TRANSACTIONS |
Purchase, Refinance Rate & Term, or Refinance Cash-Out |
| ELIGIBLE PROPERTIES |
SFR, Condos, and 1-4 Units |
| MINIMUM LOAN AMOUNT |
$150k |
| MAXIMUM LOAN AMOUNT |
$2 Million |
| LTV |
Max 75%. Refinance Cash-out Max LTV is 65% |
| APPRAISAL REQUIRED |
Yes |
| EMPLOYMENT |
Full documentation with a Maximum Debt-To-Income Ratio 50% |
| BANK STATEMENTS |
2 Month Bank Statement in an American Bank. |
| CLOSING TIME |
30 Days |
| RESERVES |
6 Months Required |
| HOUSING EVENTS | No Mortgage Lates |
| CREDIT EVENTS |
No credit events such as bankruptcies, foreclosures, and short sales within the last 3 years |
| ELIGIBLE BORROWERS |
Foreign Nationals (Passport is required) |
NOTES |
- In order to be eligible for a cash-out you must have owned the property for at least 6 months |