– AAA Lendings HELOC – AAA Lendings Detail:
Overview
Standalones HELOC.
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%.
Details
1) Like a high-limit credit card
2) No Prepayment Penalty
3) No Annual Fee
4) Primary & Second home eligible
5) 1 Unit & Up to 90% HCLTV
6) Max Loan amount $350,000
7) Min. FICO 680
8) Piggyback’s also available
What is the reason for choosing this program?
All in all, a HELOC may be a wonderful choice for borrowers at a time when most products’ interest rates are generally rising.
General Guideline
(1) Note Rate + 2% P&I over 30 year amortization as the qualifying rate.
(2)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)
(3)Appraisal/Property Valuation
★Piggybacks: follow FNMA/FHLMC guidelines (based upon the applicable AUS feedback type provided) except AAA LENDINGS will not accept appraisal waivers. If AUS permits an appraisal waiver, then instead provide: ①AVM and exterior minimum property condition report (including photos) dated within 120 days of the note date or 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 note date.
★Standalones: 1) AVM and exterior minimum property condition report (including photos) or 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 note date.
★For credit limits > $250,000, full FNMA 1004 or FHLMC 70 with interior & exterior inspection containing color photos 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 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:
For many of our clients, a mortgage is more than just a financial transaction; it's a significant life milestone. Whether you're a first-time homebuyer or a seasoned real estate investor, we approach each application with the care and attention it deserves. We take the time to understand your goals and aspirations, ensuring that your mortgage aligns with your vision for your future. – AAA Lendings HELOC – AAA Lendings , The product will supply to all over the world, such as: Dubai , Los Angeles , France , We care about every steps of our services, from factory selection, product development & design, price negotiation, inspection, shipping to aftermarket. Now we have implemented a strict and complete quality control system, which ensures that each product can meet quality requirements of customers. Besides, all of our solutions have been strictly inspected before shipment. Your Success, Our Glory: Our aim is to help customers realize their goals. We're making great efforts to achieve this win-win situation and sincerely welcome you to join us.
By Rosemary
from
Portugal
-
2017.10.13 10:47
The customer service staff's attitude is very sincere and the reply is timely and very detailed, this is very helpful for our deal,thank you.
By Doris
from
Sri Lanka
-
2018.09.23 17:37
