Stated Income Home Equity Line of Credit (HELOC) - Owner-Occupied, Non-Owner
Occupied and Second Homes - SFR's, 2-4's and Condos. 620+ FICO needed.
Loan amounts from $150,000 - $2,000,000.
Up to 50% LTV to $1,000,000, 40% to $2,000,000.
4.25% interest only start rate for the 5 year draw period, then 15 year amortization.
1 floating in 1st position or for free and clear properties or
5.25% interest only start rate for the 5 year draw period 2 floating in 2nd postion over WSJ Prime.
18% lifetime cap.
3 monthly repayment options are available.
Available in the following California counties: Alameda, San Francisco, Santa Clara,
Sacramento, San Mateo, Orange, LA and San Diego. And in New York
(except Nassau and Suffolk counties), Nevada (Clark County only), MA, WA and GA.
HELOC:
Last 2 months Bank/Asset statements showing at least 20 months of liquid PITIA reserves. No bankruptcies, mortgage lates, foreclosures, short sales, deed-in-lieu or loan mods on credit history in the past 2 years allowed. Borrower may be required to open a deposit account with the Bank (FDIC insured) and enroll in auto-pay for the mortgage payment.
Fees:
A .5 point in the transaction will cover underwriting and processing. Additional costs are customary escrow, title, docs, prepaid interest, transfer taxes and recording fees. All loans have separate non-refundable cost of appraisal and credit report, +/-($550).
Last 2 months Bank/Asset statements showing at least 20 months of liquid PITIA reserves. No bankruptcies, mortgage lates, foreclosures, short sales, deed-in-lieu or loan mods on credit history in the past 2 years allowed. Borrower may be required to open a deposit account with the Bank (FDIC insured) and enroll in auto-pay for the mortgage payment.
Fees:
A .5 point in the transaction will cover underwriting and processing. Additional costs are customary escrow, title, docs, prepaid interest, transfer taxes and recording fees. All loans have separate non-refundable cost of appraisal and credit report, +/-($550).
Origination: Loan #1 - 2.5 points + $845 processing in a Holding Escrow account paid at the close of escrow. (Holding Escrows are to be established in the borrowers' name and funded beforehand and are fully refundable in the event of no close of escrow).
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