Home Equity Line of Credit (HELOC) Stated Income-Verified Assets (SIVA)
Owner-Occupied, Non-Owner Occupied and Second Homes
SFR's, 2-4's and Condos.
600+ FICO needed.
BK and Lates OK after 2 years seasoning.
Loan amounts from
$150,000 - $5,500,000.
Up to 60% LTV to $1,000,000 loans outstanding (including new HELOC)
Up to 50% LTV to $5,500,000.
1 floating over WSJ Prime in 1st position.
2 floating over WSJ Prime in 2nd position or paying off liens.
10 year draw period, 20 year amortization.
3 monthly repayment options available interest only, .5% or 1.5% of outstanding
Must provide proof of at least 20 months of PITIA reserves owning more than one property and with a borrower addressed VOD otherwise, 36 months of PITIA reserves.
Available only in: The NYC Boroughs, Las Vegas, CA (most of the Bay Area and Southern CA, San Joaquin and Sacramento Counties), King Co. WA, GA and MA
Fees: 2.5 points + $995 processing in the Close of Escrow in CA. Other States in Holding Escrow.
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