Emily B.
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Articles
Recent activity by Emily B.-
Acreage
There is no maximum acreage except in Texas, which has a maximum of 10 acres.
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Eligible and Ineligible Properties
Eligible PropertiesSingle Family Residence2-4 Units (Min 640 FICO)PUD / Townhome / Condo (Warrantable and Non-Warrantable)Modular Homes (Factory-Built)Ineligible Properties Agricultural Zoned Prope...
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Debt-to-Income (DTI)
The maximum DTI ratio is 50%. FICOs 600-679 are restricted to 45% DTI. Calculation (Liabilities + Interest-Only Payment*) ÷ Total Verified Income*Based on Maximum Draw
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Minimum Initial Draw
The minimum initial draw is 75% of the line amount.
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Credit Report Dispute Information
For issues with your credit report including managing credit freeze/lock, reporting fraud, removing/adding fraud alerts, identify verification, remove blocks from bureau file preventing lenders fro...
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Funding of HELOC
Once your have finalized the closing with the Notary, your rescission period will begin the following business day.For primary residences properties – there is a three (3) day rescission period for...
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Interest Paid tax Questions
Please make sure that you reach out to your personal tax advisor on any interest paid on the HELOC. We are unable to provide any information or professional guidance on this topic
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Personal Information Security
Our HELOC program does not store the username or password and cannot view the credentials during entry. It is the most effective way for us to protect your information securely against fraud or una...
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Pre-Payment Penalties
There are no pre-payment penalties for the HELOCs.
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Vesting in a LLC
A HELOC cannot close vested in a LLC.The Property Deed needs to be out of the LLC and in the borrower's name before we start the application and when we fund the HELOC. The system will NOT draw up ...