NY and NJ you now have access to 2 different HELOC Products
No IncomeVerified / Verified Assets
Home Equity Line of Credit (HELOC)
Owner-Occupied, Non-Owner Occupied and Second Homes
SFR's, 2-4's and Condos.
- GOLD - 620 minimum FICO starts at 1 or 2 over WSJ Prime
- PLATINUM - 700 + FICO - first 6 months starting at 3.88% interest only and .5 or 1 over WSJ prime
Loan amounts from $150,000 - $5,500,000.
70% LTV to $1,000,000 loans outstanding (including new HELOC)
50% LTV to $5,500,000.
From 5.5% interest only start rate.
10 year draw period, 20 year amortization.
1 floating over WSJ Prime in 1st position.
or
From 6% interest only start rate.
10 year draw period, 20 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% with the PLATINUM HELOC.
Available in: CA, MA, TX, IL, GA, NV, NJ and NY.
Fees: 2.5 points + $995 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.
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 (5/18, 6/18, 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 2 years allowed for the GOLD HELOC, 10 years for PLATINUM HELOC. 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% on the PLATINUM HELOC.
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 may need to be 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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