HELOC - Bank Statement Option

Home Equity Line of Credit “HELOC” program enables borrowers to tap into their home’s equity while retaining their first mortgage. Borrowers receive a revolving line of credit up to the approved credit limit. There are no restrictions on how you use the funds and you are able to make interest only payments during the draw period.

Guidelines

  • Loan amounts up to $750,000 (Business Bank Statements).

  • Loan amounts up to $500,000 (Personal Bank Statements).

  • First lien HELOC allowed.

  • Owner-occupied, second homes, and investment properties.

  • Full doc option available.

  • Minimum initial draw 80% at time of closing, minimum amount $100k.

  • Interest-only payments during draw period.

  • No restrictions on how funds can be used.

  • Loan terms:

    • 15 years (3-yr draw, 12-yr repay)

    • 20 years (5-yr draw, 15-yr repay)

    • 25 years (10-yr draw, 15-yr repay); not allowed on bank statements