Credit Scoring


The advantages of Heloc

No Closing Costs
Low-interest,
May be Tax-deductible (please consult your CPA)
Pay off credit card debt
Pay for life’s big-ticket items (tuition, cars, home improvement, etc.)
Flexible
 

The starting rate is Prime minus 1%

  

 

What it the catch?

 

 FICO score -- 680 (Minimum)  
  CLTV-- Up to 90%  
 

Eligibility Requirements

  
  Only two borrowers can secure the line of credit.  
  Borrower(s) cannot be a trust, partnership or corporation.  
  Borrowers must be either U.S. citizens or permanent resident aliens.  
  The collateral property must be:  
 
  • A primary residence or vacation home of the borrower(s).
  • A one- to two-unit property.
  • Permanently attached to real property. (no mobile homes)
  
  The home equity line must be in second lien position at closing. Any existing liens on the collateral property, other than the first mortgage, must be paid prior to or with proceeds from the home equity line of credit.  
  You must be willing to receive electronic monthly statements.Verification of income and hazard insurance
Call us for othet home equity options if you do not meet the above requirements.