Home Equity Line of Credit (HELOC)
Stated Income-Verified Assets (SIVA)
Owner-Occupied, Non-Owner Occupied and Second Homes, SFR's, 2-4's and Condos.
600+ FICO needed.
BK and Lates OK after 2 years seasoning.
Loan amounts from $150,000 - $5,500,000.
Up to 60% LTV to $1,000,000 loans outstanding (including new HELOC)
Up to 60% LTV to $1,000,000 loans outstanding (including new HELOC)
Up to 50% LTV to $5,500,000.
1 floating over WSJ Prime in 1st position.
1 floating over WSJ Prime in 1st position.
2 floating over WSJ Prime in 2nd position or paying off liens.
10 year draw period, 20 year amortization.
3 monthly repayment options available interest only, .5% or 1.5% of outstanding
Must provide proof of at least 20 months of reserves owning more than one property and with a borrower addressed VOD, otherwise 50 months of PITIA reserves.
Available only in: The NYC boroughs, Las Vegas, CA (Alameda, Los Angeles, Orange, Riverside, San Bernardino, Santa Clara, San Francisco, San Joaquin, San Mateo, San Joaquin and Sacramento Counties), King Co. WA, GA and MA
Fees: 2.5 points + $995 processing in the Close of Escrow in CA. Other States in Holding Escrow
Comments(2)