NO Income HELOC
(Home Equity Line of Credit)
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)
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 40 months of liquid PITIA reserves.
Available: Nationwide
Fees: 2.5 points + $845 processing in a Holding Escrow.*
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.
Lender Fees: Fees vary by institution, all loans have separate non-refundable cost of appraisal and credit report, +/-($550).
Lender Fees: Fees vary by institution, all loans have separate non-refundable cost of appraisal and credit report, +/-($550).
*Holding Escrows: 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.
Comments(0)