Stated Income HELOC 2024 low rates

We have the new stated income HELOC.

Refinance using a HELOC.

A HELOC is a home equity line of credit.  

This loan has a 10 year draw period. The total term of the loan is 30 years. Hence the remain 20 years pays off the loan.

Prime + 1 for 1st T/D’s
Prime + 1.5 for 2nd T/D’s

• O/O + N/O/O
  • Need 700 mid Fico score (if you do not have a 700 score click here to see other easy doc HELOC )
  • Owner occupied 70% LTV to $1M as a first TD
  • 65% CLTV to $1 as a 2nd TD
  • 50% CLTV to unlimited
  • Non Owner 65% LTV to $1M in first TD position (700 Mid)
    • 60% CLTV to $1M as 2nd TD
    • 50% CLTV to Unlimited ** (700 Mid)
• SFR 1-4, Condo’s + PUD’s
  • No Seasoning of Ownership.
    • < 6 Mos Purchase Price
    • > 6 Mos Appraised Value
• Foreign National Borrower’s OK – Passport Only.
• Derogatory Seasonings
  • No history of BK, FC, SS, Charge-Off’s, Tax Liens.
  • Max 1×30 day late in past 12 months.

• Borrowers  – Self-Employed + Wage Earner Borrower’s Only

• W2 Wage Earner

  • Must present VOE reflecting 40% MAX DTI

• Self-Employed Borrowers

  • CPA or EA Letter Required. Call for details.
• Reserves Based on PITIA:
  • 6 months reserves Sourced and Seasoned for 2 months.
  • Based upon initial minimum draw of $50K + All Payoffs (if any) with qualifying Income Documentation (CPA Letter or VOE).
  • 18 months reserves Sourced and Seasoned for 2 months (Based upon initial minimum draw of $50K + All Payoffs (if any) when Borrower owns at least 1 other property than Subject and then qualifies with NO DTI REQUIREMENT (Based upon initial minimum draw of $50K + All Payoffs (if any).
  • 36 months reserves Sourced and Seasoned for 2 months (Based upon initial minimum draw of $50K plus + All Payoffs (if any) when  Borrower does not own any other properties than Subject and then qualifies with NO DTI REQUIREMENT.

• No Pre-Payment Penalties.

• Now No Appraisals up to $500K.
• No max properties owned/financed.
• All Properties Zoned Residential Accepted.

Stated available: CA , IL, NV, TX, NY, MD, NJ, WA, MA, 

Stated Income HELOC with low rate and 30 year term

List of Forms & Documents Required:

1. Copy of 1st mortgage “Note” sample copy of a Note – if you’re not sure what it looks like.
2. Photocopy of valid ID.
3. Current mortgage statement.
4. CPA or Enrolled Agent prepared letter stating income – call us for details. 
5. Please provide lease agreements when property is leased.
6. Please provide a rent roll and Schedule of Real Estate Owned if you have more properties and units.
7. Insurance declaration page/quote for coverage.
8. 1003 Loan Application – use printed 1003 leave liabilities blank. 
9. Credit report we will pull or if broker submitted need full 3 bureau – but we still have to pull it.
10. Borrower authorization Borrower’s Authorization.
11. Borrower authorization to run and pay for credit  Credit $ Authorization Form.
12. SI form – Statement of Information SI Form – Statement of Information.
13. How do you want to hold title Vesting Form For Borrower.
14. Social Media disclosure Social Media Disclosure.
15. **To expedite your file organize documents in adobe format “.pdf”.

Call us 310-737-8420 to put a loan program together for you.

See our “Hot Loan Products” for rates and guidelines.