– 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) Max. HCLTV 85%;
5) Max. Loan Amount $350,000;
6) Min. FICO 680.
Income Guideline
★Piggybacks follow first lien requirements.
★Standalones: Most recent one month paystub + most recent year W2.
★Tax transcripts are required when using tax returns for qualifying purposes.
General Guideline
The source of Prime Mortgage Rate link: https://www.wsj.com/market-data/bonds/moneyrates
★Max origination charge is “Max Point & Fee 5%”.
★$1.5m Max Combined Liens.
★Lifetime Max Rate: 18% or state maximum and lifetime rate floor 2.5%.
★Buy-up is ineligible .
★Buy-down ratio:1:3 (0.125 decreased on rate, 0.375 cost to price. max buy-down 1.000% in
rate.)
★Second Home Purchase Transaction Ineligible currently
(1)Max DTI 43% for loan Limit <= $250,000| 34% for loan Limit > $250,000
(2) Note Rate + 2% P&I over 30 year amortization as the qualifying rate.
(3)Assets/Funds to Close/Reserves:
★Piggybacks: follow first lien requirements.
★Standalones: no asset verification is required if borrower is receiving cash-out (otherwise provide at least one month liquid asset statements showing sufficient funds to close)
(4)Mortgage late:0x30x24
Product detail pictures:
Related Product Guide:
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: Rio de Janeiro , Sevilla , Montpellier , On today, we've got customers from all over the world, including USA, Russia, Spain, Italy, Singapore, Malaysia, Thailand, Poland, Iran and Iraq. The mission of our company is to deliver the highest quality products with best price. We've been looking forward to doing business with you!
By mary rash
from
Somalia
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2017.02.18 15:54
The customer service staff is very patient and has a positive and progressive attitude to our interest, so that we can have a comprehensive understanding of the product and finally we reached an agreement, thanks!
By Heloise
from
Israel
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2017.05.21 12:31
