Stated Income Home Equity Line of Credit (HELOC) - Owner-Occupied, Non-Owner Occupied and Second Homes - SFR's, 2-4's and Condos.
620+ FICO needed.
Loan amounts from $150,000 - $1,500,000.
Up to 60% LTV to $1,000,000, 50% LTV to $1,500,000.
Up to 60% LTV to $1,000,000, 50% LTV to $1,500,000.
4.5% interest only start rate for the 10 year draw period, then 20 year amortization and 1 floating over WSJ Prime in 1st position or on free and clear properties
or
5.5% interest only start rate for the 10 year draw period, then 20 year amortization and 2 floating over WSJ Prime in 2nd position.
18% lifetime cap.
3 monthly repayment options are available.
Must provide proof of 20 months of liquid PITIA reserves.
Available in New York (except Nassau and Suffolk counties).
2.5 points fee + 845 processing in a Holding Escrow
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