New Jersey - No Income-Verified Home Equity Line of Credit (HELOC)

By
Mortgage and Lending with BT Capital Advisors, CEO/Senior Account Executive
No Income-Verified

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.
 
620 minimum FICO
 
700 + FICO - first 6 months starting at 3.8% interest only.
 
Loan amounts from $150,000 - $1,500,000.
 
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
 
or 
 
6.50% interest only start rate. 10 year draw period20 year amortization.
2 floating over WSJ Prime in 2nd position or paying off liens. 
 
Maintain a deposit account with the Bank and reduce your rate up to .5%
 
Available in: CA, MA, TX, IL, GA, NV, NJ and NY. Other States subject to approval.
 
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 the Bank Statements (Last 2 for HELOC), Mortgage Coupon, Insurance Declaration page on all property, 
Driver's Licence, Social Security Card, Note and Mortgage.
We will provide a Loan Marketing Agreement and Escrow Instructions, to be fully executed and returned. Please scan in pdf format, label in order, example (1/18, 2/18, ect.) and upload all documents to a Dropbox file or email me for access to our end-to-end encrypted secure email.

HELOC: Provide the last 2 months Bank/Asset statements, all pages, showing minimum 6 months of 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 open a deposit account with the Bank (FDIC insured) and enroll in auto-pay for the mortgage payment account and reduce your rate up to .5%. 

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. 
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Topic:
Lending / Financial
Location:
New Jersey
Groups:
Realtors Needing the services of the Lending Powers
ActiveRain Network Referral Base
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Private Money Lenders
Stated Income Loans in California - (562) 344-LOAN
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no incomeverified home equity line of credit heloc

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Rainmaker
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Bob Thompson, 562.344.5626 | ALT Doc, No Income HELOCs

BT Capital Advisors - Commercial & Residential
How do I Qualify and Apply for an ALT Doc Loan ?
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