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.
- Up to 50% LTV - Loan amounts $150,000 - $2,000,000.
- 50% LTV to $1,000,000, 40% to $2,000,000 total outstanding
- 4.25% interest only start rate for the 5 year draw period 15 year amortization. (in 1st position)
- 5.25% interest only start rate for the 5 year draw period 15 year amortization. (in 2nd position)
- 1 floating (in 1st position or for free and clear properties) over WSJ Prime after the 5 year draw period.
- 2 floating (in 2nd position) over WSJ Prime after the 5 year draw period.
- 18% lifetime cap.
- 3 monthly repayment options are available.
- Available in the following California counties: Alameda, San Francisco, Santa Clara, Sacramento, San Mateo, Orange, LA and San Diego.
- Also available in New York (except Nassau and Suffolk counties), Nevada(Clark County only), MA, WA and GA.
Requirements and Documentation:
Complete the loan application, leaving the income section blank, initial, sign, date and return. Provide copies of Drivers Licence and Social Security card. Send copies of the Bank Statements (Last 2 for HELOC), Mortgage Coupon, Insurance Declaration page. We will provide a Loan Consultancy Agreement and Escrow Instructions, to be fully executed and returned. Please scan, label and email all documents.
HELOC:
Last 2 months Bank/Asset statements showing at least 20 months of liquid PITIA reserves. No bankruptcies, mortgage lates, foreclosures, short sales, deed-in-lieu or loan mods on credit history in the past 2 years allowed. Borrower may be required to open a deposit account with the Bank (FDIC insured) and enroll in auto-pay for the mortgage payment.
Fees:
A .5 point in the transaction, this will cover underwriting and processing. Additional costs are customary escrow, title, docs, prepaid interest, transfer taxes and recording fees. All loans have separate non-refundable cost of appraisal and credit report, +/-($550).
Complete the loan application, leaving the income section blank, initial, sign, date and return. Provide copies of Drivers Licence and Social Security card. Send copies of the Bank Statements (Last 2 for HELOC), Mortgage Coupon, Insurance Declaration page. We will provide a Loan Consultancy Agreement and Escrow Instructions, to be fully executed and returned. Please scan, label and email all documents.
HELOC:
Last 2 months Bank/Asset statements showing at least 20 months of liquid PITIA reserves. No bankruptcies, mortgage lates, foreclosures, short sales, deed-in-lieu or loan mods on credit history in the past 2 years allowed. Borrower may be required to open a deposit account with the Bank (FDIC insured) and enroll in auto-pay for the mortgage payment.
Fees:
A .5 point in the transaction, this will cover underwriting and processing. Additional costs are customary escrow, title, docs, prepaid interest, transfer taxes and recording fees. All loans have separate non-refundable cost of appraisal and credit report, +/-($550).
Origination:
2.5 points + $845 processing in a Holding Escrow account.(Holding Escrows are to be established in the borrowers' name and funded beforehand and are fully refundable in the event of no close of escrow).
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