– 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:
Our commitment to transparency goes beyond the initial stages of the mortgage process. We ensure that you have a clear understanding of your mortgage terms, including interest rates, fees, and closing costs. There are no surprises on the closing day. We're dedicated to providing you with straightforward, jargon-free explanations, so you can confidently navigate the financial aspects of your home purchase or refinance. – AAA Lendings HELOC – AAA Lendings , The product will supply to all over the world, such as: Botswana , Juventus , Adelaide , Our company adheres to the spirit of lower costs, higher quality, and making more benefits for our clients. Employing talents from the same line and adhering to the principle of honesty, good faith, real thing and sincerity, our company hopes to gain common development with clients from both at home and abroad!
By Martina
from
Sheffield
-
2018.06.26 19:27
This supplier's raw material quality is stable and reliable, has always been in accordance with the requirements of our company to provide the goods that quality meet our requirements.
By Elizabeth
from
Greece
-
2018.09.08 17:09
