– 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 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.
Product detail pictures:
Related Product Guide:
The dream of homeownership isn't limited to traditional homebuyers. At AAA LENDINGS, we have specialized programs to cater to non-traditional borrowers. If you're self-employed, have a fluctuating income, or face unique financial circumstances, our loan options can capture your interest. We embrace diversity in borrowers and actively seek out innovative lending solutions, ensuring that your journey to homeownership remains engaging, regardless of your financial situation. – AAA Lendings HELOC – AAA Lendings , The product will supply to all over the world, such as: Melbourne , Azerbaijan , New Zealand , Our products are sold to the Middle East, Southeast Asia, Africa, Europe, America and other regions, and are favorably appraised by clients. To benefit from our strong OEM/ODM capabilities and considerate services, please contact us today. We will sincerely create and share success with all clients.
By Jill
from
Belgium
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2017.01.11 17:15
Products and services are very good, our leader is very satisfied with this procurement, it is better than we expected,
By Gwendolyn
from
Zimbabwe
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2018.12.11 14:13
