This program allows you to access funds conveniently by using the equity you've built in your home, for various purposes such as renovations, debt consolidation, education expenses, or unexpected financial needs.
Benefits and Uses
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Keep your low-interest rate mortgage and tap $25k to $400k of new money
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Closing in as little as 3 days
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Investment properties and Second homes are funded in business days
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Primary residences - 3 days rescission period applies
Terms: 5 Year Draw I/O plus 25 year repayment
Fico : 640 min - The credit score from the highest income earner will be utilized
Debt to Income (DTI):
Primary and Second Home - Max 50% DTI (640-679 Max DTI 45%)
Income Verification:
Tax Return, or The Work Number (W-2 only)
Loan Amount:
- 2nd Lien HELOC is $25,000 to $400,000
- 1st Lien HELOC is $25,000 to $400,000
- Minimum 75% draw at close
Occupancy:
- Primary Residence (Owner-Occupied)
- Second Homes
- Investment Properties (limited to 15 financed properties)
- 1-4 units
- Non-occupant Co-borrowers
- Non-occupant Co-borrowers are allowed
- Borrower #1 must be an owner
Ownership:
- Revocable Trusts are accepted / LLC’s are not supported