“Take advantage of the new found equity in your home! 43 DTI is for the fixed rate 2nd”
HELOCs and fixed rate HELOANs up to 97.5% CLTV. Down to a 620 FICO. Standalones & piggyback purchase or refinance. First lien HELOCs. We do it all
With the widest product in the industry, our Home Equity offerings are the solution to you need
• CLTVs to 97.5% and DTIs to 50% (CLTV is combined loan to value and DTI is debt to income ratio)
• Adjustable rate HELOCs and fixed rate Home Equity Loans
• Piggyback purchases & refis, standalone 2nds, and 1st lien HELOCs
• Maximum DTI is 45% (No Front-End Ratio) • Maximum DTI is 43% (No Front-End Ratio)
• Qualifying rate is 2% over start rate.
Minimum Trade Lines for Borrowers that are contributing income
• At least one trade line must be open and active for the past 12 months
• A current mortgage paid as agreed for the past 36 months will override the minimum trade line requirements
Derogatory Credit — Measured from the Disbursement Date:
• Foreclosure (7 Years)
• Charge-Off of a Mortgage Account, Deed-in Lieu, Pre-foreclosure Sale or Short Sale (4 Years)
• Chapter 7 or 11 Bankruptcy (discharge or dismissal) (4 Years)
• Chapter 13 Bankruptcy – Discharge (4 Years)
• Chapter 13 Bankruptcy – Dismissal (2 Years)
• Multiple events within the past 7 years are not permitted.
Major adverse credit are collection accounts, charge-off accounts, judgments, liens, delinquent property taxes, repossessions, garnishments, and non-mortgage accounts currently 90 days or more delinquent.
- Major adverse accounts reporting within the past 24 months are permitted when isolated accounts have less than a $500 cumulative balance. These accounts may be left open provided they do not affect title.
- Major adverse accounts reporting older than 24 months are permitted based on the following:
- All State, IRS, and property tax liens (for the Mortgaged Property and other properties), regardless of seasoning, are required to be paid, whether affect title or not. No payment plans, or subordination are allowed.
o All other adverse accounts over 24 months old that do not affect title are not required to be paid.