– AAA Lendings HELOC – AAA Lendings Detail:
Overview
Standalone & Piggyback.
The HELOC program is Home Equity Line Of Credit.
Index + Margin. 30 Years term, 10 Yrs I/O Draw Period followed by 20 Years Amortization.
* Index: Prime Mortgage Rate floated with the market.
Margin: Subject to loan scenarios, Margin Min. 1%, Fixed.
Lifetime Max Rate: 18%.
Lifetime Rate Floor: 2.5%.
Program Highlights
1) No Prepayment Penalty;
2) No Annual Fee;
3) Primary & Second home are eligible;
4) 1 Unit & Up to 90% HCLTV;
5) Max. Loan Amount $350,000;
6) Min. FICO 680.
General Guideline
(1) Note Rate + 2% P&I over 30 years amortization as the qualifying rate.
(2) Assets/Funds to Close/Reserves:
★Piggybacks: follow first lien requirements.
★Standalone: no asset verification required if borrower is receiving cash-out (otherwise provide at least one month liquid asset statement showing sufficient funds to close).
(3) Appraisal/Property Valuation:
★Piggybacks: follow FNMA/FHLMC guidelines.
①AVM and exterior minimum property condition report (including photos) dated within 120 days of the note date.
②An appraisal (can be a desktop, exterior inspection and/or interior inspection) completed by a licensed/state certified appraiser dated within one year of the note date.
★Standalone:
1) AVM and exterior minimum property condition report (including photos).
2) An appraisal (can be a desktop, exterior inspection and/or interior inspection) completed by a licensed/state certified appraiser dated within one year of the note date.
★For credit limits > $250,000, full FNMA 1004 or FHLMC 70 with interior & exterior inspection containing color photos are required.
(4) Title may not be held in the name of a trust.
(5) POAs are permitted for all transaction types but must cover the 2nd lien transaction if utilized.
(6) Loan must be in second lien position.
(7) No Annual Fee.
(8) Leasehold is not eligible.
(9) Payment will be due on the 15th of each respective month.
(10) 5% late fee will be assessed on the payment due date + 15 days (unless there is a more restrictive state requirement).
(11) Lifetime Max. Rate: 18% or state maximum and Lifetime Rate Floor 2.5%.
(12) No Prepayment Peanlty.
Product detail pictures:
Related Product Guide:
Transparency is at the core of our operations. We take pride in our open and honest communication with our clients. No hidden fees, no surprises. We provide clear, straightforward information about your mortgage options, ensuring you have all the facts to make informed decisions. Our goal is to build trust with our clients by being forthright and transparent, making your home financing experience as smooth as possible. – AAA Lendings HELOC – AAA Lendings , The product will supply to all over the world, such as: Mumbai , Canberra , Croatia , We believe with our consistently excellent service you can get the best performance and cost least products from us for a long term . We commit to provide better services and create more value to all our customers. Hope we can create a better future together.
By Sharon
from
Stuttgart
-
2018.12.11 11:26
The factory technical staff not only have high level of technology, their English level is also very good, this is a great help to technology communication.
By Maureen
from
California
-
2018.06.26 19:27
