Home Equity Line Of Credit - HELOC

Stand alone and 2nd's

  • 30-year term:  First 10-years interest only draw period; later 20-years repay period.
  • No early termination fee.
  • No draw required at closing.
  • Low fees to establish:   $295 origination fee; $300 title; $80 recording; appraisal; and $75 annual maintenance fee.  Full appraisal is required.
  • Available Funds
    • Primary Residence:  
      • $5,000 to $350,000.....maximum CLTV 89.99%
      • $350,000 to $500,000.....maximum CLTV 85%
    • 2nd Homes
      • $5,000 to $250,000.....maximum CLTV 85%

Restrictions:

  • 45% back end DTI only.
  • Property Type:  Primary and 2nd homes.
  • Allowed:  Rural, Single family, Condos (warrantable), Townhouse, 1-2 units.
  • Not allowed:  2+ units, leasehold, dome, earth-berm, co-ops, ag zoned, rentals, investment, vacant land, manufactured homes.
  • Credit
    • Credit of primary wage earner.
    • Minimum 3-trade lines (open or closed), 1-trade line 1+ yr.
    • Public Records:
      • Bankruptcy: 7-years
      • Foreclosure:  5-years
      • Short Sale:  5-years
      • Deed-in-Lieu:  5-years
      • Collection/Judgement:  Must be paid off.
      • Tax Liens:  Must be paid off.
      • Disputed Accounts:  Prove resolution.
  • Acreage:  Maximum 10-acres.
  • Cannot be on market to sell.
  • No non-occupant co-borrower.
  • Only one HELOC.
  • Documents Needed:
    • Standard Wages: Most recent 30-day pay statement.
    • Seasonal/Tips:  2-year verification.
    • Self-employed:  1-2 years tax return.
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