A
HELOC, or a Home Equity Line of Credit, is a very popular
second mortgage amongst home owners paying off high interest
credit card debt, auto loans, or making home improvements.
Equity lines of credit are adjustable rate mortgages with
a max home loan term of 20 years and minimum period of 10
years.
Qualifying Details for Home Equity Line of Credit
Min
Credit Score:
500
Stated
Income:
Yes
Maximum
CLTV:
100%
Stated
assets:
Yes
Max Loan Amount
$1,000,000+
With a HELOC you can borrow
up to 100% of your homes value and can sometimes be used in
100% financing methods like an 80/20 to divide risk amongst
investors. This helps keep your total monthly mortgage payments
low and is a financial strategy your lender can discuss and
help you with when you apply
here online.
Min
Credit Score: