Home Equity Line of Credit (HELOC)
Stated Income - Verified Assets
NO INCOME is listed on the Loan Application.
Owner-Occupied, Non-Owner,Occupied and Second Homes - SFR's, 2-4's and Condos.
620+ FICO needed.
Loan amounts from $150,000 - $1,500,000.
LTV up to 60% LTV to $1,000,000 total outstanding loans (including new HELOC)
50% LTV to $1,500,000.
4.5% interest only start rate for the 10 year draw period, 20 year amortization.
1 floating over WSJ Prime in 1st position or for free and clear properties
or
5.5% interest only start rate for the 10 year draw period, 2 floating in 2nd postion over WSJ Prime.
3 monthly repayment options are available.
Proof of 20 months PITIA liquid reserves required.
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.
Fees: 2.5 points + 845 processing in a Holding Escrow.
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