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HELOC and 2nd Position Loan

Traditional HELOC is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards.

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Traditional HELOC

CRITERIA	LOAN DETAILS
CREDIT	660 Minimum FICO Required
CREDIT TRADELINES	Minimum of 3 Tradelines
OCCUPANCY	Primary, Second, and Investment Properties
TERMS	20, 30 Yr Fixed Available
TRANSACTIONS	Purchase, Refinance Rate & Term, or Refinance Cash-Out
ELIGIBLE PROPERTIES	SFR, Condos, and 1-4 Units
MINIMUM LOAN AMOUNT	$100k
MAXIMUM LOAN AMOUNT	$750k (LTV restriction Applies For Loan Amounts Above $500k)
CLTV	- Max LTV 90% with Full Income Documentation
MAX COMBINED LIENS	- Max LTV w/ Owner Occupied home and bank statement is 85%
APPRAISAL REQUIRED	Yes
SQUARE FOOTAGE	No properties under 750 sq ft
BANK STATEMENTS	12 Months If Using The Bank Statements To Qualify
CLOSING TIME	30 days
EMPLOYMENT	Full Documentation or 12-24 Months Bank Statements
VESTING	Individual Only
HOUSING LATES	0x30 in the last 12 months
HOUSING CREDIT EVENTS	4 Year Seasoning
PROPERTIES LISTED FOR SALE	If listed for sale in the last 12 months are not eligible.
ELIGIBLE BORROWERS	Non-occupant co-borrowers are ineligible borrowers
NOTES	6 Months of Seasoning is required

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