No 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.
- NO INCOME IS LISTED ON THE APPLICATION
- Loan amounts $150,000 - $1,500,000.
- 60% LTV to $1,000,000, 50% to $1,500,000 total outstanding
- 4.5% interest only start rate for the 10 year draw period, 20 year amortization. (in 1st position) OR
- 5.5% interest only start rate for the 10 year draw period, 20 year amortization. (in 2nd position)
- 1 floating (in 1st position or for free and clear properties) over WSJ Prime after the 10 year draw period.
- 2 floating (in 2nd position) over WSJ Prime after the 10 year draw period.
- Must prove at least 20 months liquid PITIA reserves
- 18% lifetime cap.
- 3 monthly repayment options are available.
- Available in NY (except Nausau and Suffolk Counties)
Fees: 2.5 points +$845 processing in a Holding Escrow to be disbursed at the close of escrow.
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