YOU COULD POSSIBLY Lock in a Home Equity Line of Credit (HELOC) at
5.25%
IF YOU SUBMIT TODAY and we get you approved**
***
No Income Verified - Verified Assets HELOC
Owner-Occupied, Non-Owner Occupied and Second Homes - SFR's, 2-4's and Condos.
No Income is listed on the Application. 620+ FICO needed.
Loan amounts from $150,000 - $1,500,000.
60% LTV to $1,000,000 loans outstanding (including new HELOC)
60% LTV to $1,000,000 loans outstanding (including new HELOC)
50% LTV to $1,500,000.
5.25% interest only start rate for the 10 year draw period, 20 year amortization, then
5.25% interest only start rate for the 10 year draw period, 20 year amortization, then
1 floating over WSJ Prime in 1st position or on free and clear properties after the draw period.
or
6.25% interest only start rate for the 10 year draw period, 20 year amortization, then
2 floating over WSJ Prime in 2nd position after the draw period.
18% lifetime cap. 3 monthly repayment options are available.
Must provide proof of at least 20 months of liquid PITIA reserves.
Available: Nationwide
Fees: 2.5 points + $845 processing in a Holding Escrow*
Requirements and Documentation:
Complete the loan application, leaving the income section blank, initial, sign, date and return. Provide copies of Drivers Licence and Social Security card. Send copies of the Bank Statements (Last 2 for HELOC, Mortgage Coupon, Insurance Declaration page and Purchase Agreement, if purchase. We will provide a Loan Consultancy Agreement and Escrow Instructions, to be fully executed and returned. Please scan, label and email all documents.
HELOC: Last 2 months Bank/Asset statements showing at least 40 months of liquid PITIA reserves. No bankruptcies, mortgage lates, foreclosures, short sales, deed-in-lieu or loan mods on credit history in the past 5 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.
Credit will be pulled and must be derogatory free last 12 Months.
Lender Fees: Fees vary by institution, all loans have separate non-refundable cost of appraisal and credit report, +/-($550).
Complete the loan application, leaving the income section blank, initial, sign, date and return. Provide copies of Drivers Licence and Social Security card. Send copies of the Bank Statements (Last 2 for HELOC, Mortgage Coupon, Insurance Declaration page and Purchase Agreement, if purchase. We will provide a Loan Consultancy Agreement and Escrow Instructions, to be fully executed and returned. Please scan, label and email all documents.
HELOC: Last 2 months Bank/Asset statements showing at least 40 months of liquid PITIA reserves. No bankruptcies, mortgage lates, foreclosures, short sales, deed-in-lieu or loan mods on credit history in the past 5 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.
Credit will be pulled and must be derogatory free last 12 Months.
Lender Fees: Fees vary by institution, all loans have separate non-refundable cost of appraisal and credit report, +/-($550).
*Holding Escrows: For purchases, a Holding Escrow Account will established in the borrowers' name with an Independent Licenced Escrow Company and funded beforehand, the account is fully refundable in the event of no close of escrow or cancellation. Southern California cash-out refinance transactions do not require upfront funding of the escrow account.
**The information furnished here is preliminary. This is not an offer nor a commitment to lend and shall not be construed as such. Rates, terms, loan products and loan conditions may be changed without notice, example of rates as of 7/2/17 on a California HELOC loan amount of $500,000 with a 740 FICO and 60% LTV, 5.25%/5.375% APR. All private money loans offered in accordance and compliance with CalBRE or applicable regulatory agency. Stated loans are provided to, and conform with applicable state laws regarding commercial lending transactions for business purposes. All loan transactions are subject to the submission of a formal application, appraisal, underwriting, and written lender approval. Loan approval terms may vary by asset type and borrower credit worthiness. Insurance acceptable to the lender on subject property is required to be maintained on the subject property for the duration of the loan.
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