Yes, we do have HELOCs available in NJ, now with a lower start rate of 3.88% and reduced reserves required.-
- (SIVA) Home Equity Line of Credit (HELOC) Stated Income Verified - Verified Assets
- Owner-Occupied, Non-Owner Occupied and Second Homes, SFR's, 2-4's and Condos. 620+ FICO needed.
- 700+ FICO
- 3.8% rate for first 6 months.
- Loan amounts from minimum of $150,000 - $5,500,000.
- 70% LTV to $1,000,000 loans outstanding (including new HELOC)
- 50% LTV to $5,500,000.
- 5.5% interest only start rate for the 10 year draw period, 20 year amortization. 1 floating over WSJ Prime in 1st position or free and clear properties
- 6.5% interest only start rate for the 10 year draw period, 20 year amortization. 2 floating over WSJ Prime in 2nd position. 18% lifetime cap.
- Must provide proof of at least 6 months of PITIA reserves.
- Available: CA, NV, WA, IL, GA, MA, NJ and NY. Other states subject to Underwriter's discretion.
- Fees: 2.5 points + $845 in a Holding Escrow*.(Southern CA can settle fees in the close of escrow) *
*Holding Escrows: A Holding Escrow will be established in the borrowers' name with an Independent Licensed Escrow Company and funded beforehand and are fully refundable in the event of no close of escrow. SOUTHERN CA cash-out transaction do not require a holding escrow.
Thank you in advance for your business, I handle ALL files personally to close of escrow,
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