When Your Bank Says “NO”,
We can offer you PIGGYBACK Home Equity Lines Of Credit
HELOCS FOR PURCHASE
PIGGYBACK HELOC (20- OR 30-YEAR) FOR PURCHASE
You can secure a mortgage on a home purchase while simultaneously opening a home equity line of credit. Ideal for borrowers with less available for a down payment — the additional borrowed money can help them avoid paying private mortgage insurance.
- Available on primary and second home purchases, rate/term and cash-out refinances on conventional loans
- Loan amounts up to $500,000
- 680+ FICO, up to 89.99% CLTV on Primary Residences or 70% on Investment properties.
- Types of Properties: 1-4 families, 1 unit PUD, 1 Unit detached or attached Condo.
- $100,000 minimum line amount, initial draw must be 75% of line amount
- For line amounts up to $250,000, an appraisal waiver is accepted with an approved AVM
*Not applicable in Texas **Condos require full appraisal
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If your 1st mortgage has a very low rate, and you need to refinance, a Heloc might be a solution so you can keep your low rate.
STAND-ALONE HELOC (20- OR 30-YEAR)
Allows you a simple way of tapping into your home’s equity. It’s a popular option for accessing cash that can be used to pay down debt, make home improvements, cover tuition and more.
- Available on primary and second home loans
- Loan amounts up to $500,000
- 640+ FICO, up to 89.99% CLTV ON Primary residences, or 70% on Investment properties.
- Types of Properties: 1-4 families, 1 unit PUD, 1 Unit detached or attached Condo.
- $100,000 minimum line amount, initial draw must be 75% of line amount
- For line amounts up to $250,000, only an approved AVM is required **
- For line amounts over $250,000, a full appraisal is required
*Not applicable in Texas **Condos require full appraisal
The typically lower rate (compared to credit card or personal loans) is a great source of funding for clients looking to:
- Pay off or consolidate credit card debt
- Make large purchases
- Pay for home improvements
- Pay education or medical expenses
- Establish an emergency fund
NOTE: Information subject to change. Certain restrictions apply. Subject to borrower approval