Wholesale - AAA Lendings HELOC – AAA Lendings lender and investor

Product Detail

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– AAA Lendings HELOC – AAA Lendings Detail:

Heloc

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 85% 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.

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AAA LENDINGS takes pride in our community involvement and social responsibility. We believe that being a responsible lender means giving back to the communities we serve. Our team actively participates in charitable initiatives, supporting local causes, and promoting financial literacy. We're not just in the business of providing loans; we're invested in making a positive impact on the lives of our clients and the communities they call home. – AAA Lendings HELOC – AAA Lendings , The product will supply to all over the world, such as: Nepal , Chicago , Denmark , It is our customers' satisfaction over our products and services that always inspires us to do better in this business. We build mutually beneficial relationship with our clients by giving them large selection of premium car parts at marked down prices. We provide wholesale prices on all our quality parts so you are guaranteed greater savings.

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