– 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:
In the world of mortgage lending, accessibility is key. Our digital mortgage platform is designed with your convenience in mind. You can apply for a mortgage, upload documents, and track your loan progress online, all from the comfort of your home. We've created an engaging digital experience that puts you in control, ensuring that you can manage your mortgage application at your own pace, 24/7. – AAA Lendings HELOC – AAA Lendings , The product will supply to all over the world, such as: Suriname , Bulgaria , Islamabad , As an experienced manufacturer we also accept customized order and we could make it the same as your picture or sample specification. The main goal of our company is to live a satisfactory memory to all the customers, and establish a long term business relationship with buyers and users all over the world.
By Hilary
from
Birmingham
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2017.09.26 12:12
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By Honorio
from
Adelaide
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2018.07.27 12:26
