– 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:
Innovation is part of our DNA. We continuously seek ways to enhance the mortgage experience for our clients. Our state-of-the-art online application process, secure document management, and digital communication options offer a seamless, paperless mortgage journey. With AAA LENDINGS, you can expect a modern, efficient, and secure mortgage lending experience that keeps up with the fast-paced world of technology. Your convenience and security are paramount to us. – AAA Lendings HELOC – AAA Lendings , The product will supply to all over the world, such as: Thailand, Hungary, India, Please feel cost-free to send us your specifications and we'll respond to you asap. We've got a professional engineering team to serve for the every single detailed needs. Free samples may be sent for you personally to know far more facts. So that you can meet your desires, please really feel cost-free to contact us. You could send us emails and call us straight. Additionally, we welcome visits to our factory from all over the world for much better recognizing of our corporation. nd merchandise. In our trade with merchants of several countries, we often adhere to the principle of equality and mutual advantage. It is our hope to market, by joint efforts, both trade and friendship to our mutual benefit. We look forward to getting your inquiries.
By Victor Yanushkevich from Curacao - 2017.04.08 14:55
The goods we received and the sample sales staff display to us have the same quality, it is really a creditable manufacturer.
By Ella from Lyon - 2018.06.18 17:25