Wholesale - AAA Lendings HELOC – AAA Lendings lender and investor

Product Detail

Your time is precious, and we respect that. At AAA LENDINGS, we're committed to streamlining the mortgage process to save you time and effort. Our online application is user-friendly and designed with your convenience in mind. You can complete the application at your own pace, from the comfort of your home or office. We know you have a busy life, and we aim to make the mortgage process engaging, efficient, and time-saving. Mortgage Lender Certification, Debt Service Coverage Ratio, Loan Originator, We understand that creditworthiness can be a concern for many borrowers. That's why we offer credit counseling services to help you improve your credit score and secure better loan terms. By providing valuable insights and tailored guidance, we aim to engage potential borrowers who might initially be unsure about their eligibility. We're here to empower you to take control of your financial future.

– AAA Lendings HELOC – AAA Lendings Detail:

Heloc

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) 1 Unit & Up to 85% HCLTV;
5) Max. Loan Amount $350,000;
6) Min. FICO 680.

General Guideline

(1) Note Rate + 2% P&I over 30 years amortization as the qualifying rate.

(2) Assets/Funds to Close/Reserves:
★Piggybacks: follow first lien requirements.
★Standalone: no asset verification required if borrower is receiving cash-out (otherwise provide at least one month liquid asset statement showing sufficient funds to close).

(3) Appraisal/Property Valuation:
★Piggybacks: follow FNMA/FHLMC guidelines.
①AVM and exterior minimum property condition report (including photos) dated within 120 days of the note date.
②An appraisal (can be a desktop, exterior inspection and/or interior inspection) completed by a licensed/state certified appraiser dated within one year of the note date.
★Standalone:
1) AVM and exterior minimum property condition report (including photos).
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 the note date.
★For credit limits > $250,000, full FNMA 1004 or FHLMC 70 with interior & exterior inspection containing color photos are 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 is 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.

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