Stated Income Home Equity Line of Credit
1) (NIVA or SIVA) Home Equity Line of Credit (HELOC)
No Income Verified - Verified Assets
Owner-Occupied, Non-Owner Occupied and Second Homes,
SFR's, 2-4's and Condos.
No Income is listed on the Application. 620+ FICO needed. FICO over 700 first 6 months starting at 3.88% Interest only.
Loan amounts from $150,000 - $5,500,000.
Up to 70% LTV/CLTV
70% LTV to $1,000,000
50% LTV to $15,500,000.
5.75% interest only start rate. 10 year draw period, 20 year amortization. 1 floating over WSJ Prime in 1st position.
6.75% interest only start rate. 10 year draw period, 20 year amortization. 2 floating over WSJ Prime in 2nd position or paying off liens.
3 monthly repayment options are available.
Must provide proof of 6 months of reserves, intial draw will add to reserves.
Lower your rate up to .50% when you take an initial draw, open an account and sign up for autopay.
Available in: CA, IL, TX, GA, WA, NV, NJ and NY. Other States subject to approval.
Fees: 2.5 points + $845 processing in a Holding Escrow.* On CA cash out transactions, fees can be taken out of the close of escrow.