– 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.
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
*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%.
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:
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: Montreal , Adelaide , Tunisia , Our company covers an area of 20, 000 square meters. We have more than 200 workers, professional technical team, 15 years' experience, exquisite workmanship, stable and reliable quality, competitive price and sufficient production capacity, this is how we make our customers stronger. If you have any inquiry, please do not hesitate to contact us.
By Carey
from
Swaziland
-
2017.02.14 13:19
The accounts manager made a detailed introduction about the product, so that we have a comprehensive understanding of the product, and ultimately we decided to cooperate.
By Debby
from
Russia
-
2017.03.28 16:34
