Stated Income Home Equity Line of Credit
1) (NIVA) Home Equity Line of Credit (HELOC), No Income Verified - Verified Assets
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. FICO over 700 first 6 months starting at 3.8% Interest only.
Loan amounts from $150,000 - $1,500,000.
Up to 70% LTV/CLTV
70% LTV to $1,000,000 loans outstanding (including new HELOC)
50% LTV to $1,500,000.
5.50% interest only start rate. 10 year draw period, 20 year amortization. 1 floating over WSJ Prime in 1st position.
6.50% interest only start rate. 10 year draw period, 20 year amortization. 2 floating over WSJ Prime in 2nd position.
3 monthly repayment options are available.
Must provide proof of 18 months of reserves.
Available in: CA, IL, TX, GA, NV, NJ and NY. Other States subject to approval.
Fees: 2.5 points + $845 processing in a Holding Escrow.*