HELOC LOANS HIGHLIGHTS
A HELOC is a line of credit secured by the equity in the borrower’s home, and is made available to the borrower for an agreed-upon period of time. Unlike a conventional second mortgage, a HELOC does not require that the entire sum be issued at closing. Instead, the line of credit can be drawn upon by the borrower as needed.
We are now offering a 5-year draw option on all HELOC products, giving you even more options when accessing the equity in your home.
Yellow (20- and 30-year)
* 640+ FICO, up to 85% CLTV
* Up to 50% DTI
* $25,000 minimum line amount, initial draw must be 75% of line amount
* Loan amounts up to $350,000
* 3- and 5-year draw periods
* For loan amounts up to $250,000 and approved AVM, Broker Price Opinion, desktop appraisal, or full appraisal is required. For loan amounts over $250,000, a full appraisal is required.
* Eligible for primary, secondary and investment homes
Not eligible in Iowa, Tennessee (primary loans only), Texas, and Vermont
Pink (30-year)
* 680+ FICO, up to 90% CLTV*
* Up to 50% DTI*
* $20,000 minimum line amount, initial draw must be 75% of line amount
* Draw amount up to $500,000
* 3- and 5-year draw periods
* For line amounts up to $400,000, an appraisal waiver is accepted with an approved AVM
* Available on all transaction types
*Subject to first lien restrictions
Not eligible in Tennessee (primary loans only) and Texas
Pink (20- and 30-year)
* 680+ FICO, up to 90% CLTV
* Up to 50% DTI
* $25,000 minimum line amount, initial draw must be 75% of line amount
* Loan amounts up to $500,000
* 3- and 5-year draw periods
* For loan amounts up to $400,000 and approved AVM, exterior-only appraisal or full appraisal is required. For loan amounts over $400,000, a full appraisal is required.
* Eligible for primary, secondary and investment homes
Not eligible in Iowa, Tennessee (primary loans only), Texas, and Vermont
