Stated Income HELOC 2022 low rates

We have the new stated income HELOC.

Refinance using a HELOC.

A HELOC is a home equity line of credit. Now with 3.88% start rate. 

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
  • 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.

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