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Updated 3 months ago,

User Stats

742
Posts
258
Votes
Stacy Raskin
Lender
  • Lender
258
Votes |
742
Posts

Looking for a HELOC on your investment property, primary or second home in CA or FL?

Stacy Raskin
Lender
  • Lender
Posted

Get cash out of your investment property, primary or second home easily with online income and property verification

More details:

  • Values determined by AVM (automated valuation model), not a full appraisal
  • Quick and easy online verification process
  • No cash needed at closing except for $150 for states that require an in person notary
  • Credits score down to 640 for primary homes and 680 for investment properties
  • CLTV are up to 85% for cash out for primary homes and up to 70% for investment properties (max CLTV depends on credit score)
  • HELOC maximum line amounts up to $400,000 for primary homes and $250,000 for investment properties (maximum loan to value (LTV) varies based on credit score)
  • Only available on one unit properties such as single family residences, condos, planned unit development (PUD) and townhouses.
  • Fixed 5-30 year fully amortized loan terms with 2-5 year draw periods. Full draw required at closing. Subsequent draws can be any amount above $500. Additional draw limit is 100% of total line of credit.
  • Up to 50% debt to income (DTI). Income can be from earnings or asset depletion. Spousal income can be considered in community property / homestead states. Income verified online through borrower's source of choice such as bank statements, asset accounts, paystubs and IRS tax filing.
  • Properties must have been bought at least 90 days ago.
  • U.S. citizens or permanent residents. Property must vest as individuals or a revocable trust. LLCs not allowed.
  • Fast funding.
  • Application must be completed within 14 days.
  • Inquire for additional details.

These HELOCs are only for properties located in California or Florida.

I look forward to hearing from you.

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