With this program …

• Minimum Credit Score 680
• Minimum Loan Amount $100,000
• Maximum Loan Amount $750,000

Loan Parameters:

Home Equity Loan = HELOAN

 & Home Equity Line of Credit

• Primary residence
• 20 and 15 year terms
• No prepayment penalties
• Escrow Waiver ok, taxes and insurance can be paid separate from the monthly payment when 20% down payment or 20% Equity
• No full appraisal needed if loan amount is under $250k
• Maximum Cash Back at closing $300k
• Income document Type: 1 year of tax returns, w2’s and 30 day paycheck stubs, when applicable.
• If client has first loan, the second loan (The Home Equity) Must consider the payments of the first loan, in the approval process
• Follow 50(a)(6) regulations; only 1 Home Equity allowed each year
• Single family home and Non Warrantable Condos are allowed.
• Asset Depletion as income can be considered
• Cumulative Loan Amounts (1st & 2nd) not to exceed $1,499,999
• If Rural property, max Acreage 20 acres

Line of Credit = HELOC

• Primary home and Second home
• Minimum Credit 740
• Minimum loan amount $50k- Maximum $500k
• 30 year variable term and 10 year interest only draw with a 20 year fully amortization payment
• If loan is under $250k only need an exterior appraisal
• Paying off debt to qualify is permitted