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Heloc

Overview

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

Prime HELOC

1) No lender fee;
2) No early closure fee;

3) Appraisal Fee $0 (Line < $200k);
4)Title and Escrow Closing Fee $370-$650 (Closing with Title Company Designated by AAA LENDINGS);
5)Up to 89.99% CLTV;
6) Line Amount $50,000-$500,000.

Expanded HELOC

1) No Prepayment Penalty;
2) No Annual Fee;
3) Primary & Second home are eligible;
4) Max. HCLTV 85%;
5) Max. Loan Amount $350,000;
6) Min. FICO 680.

General Guideline

Prime HELOC

★Rate Adjustments
CA add 0.250% to margin
2nd Home add to 0.250% to margin
★All HELOC loans will be priced at 99.750.
★30 Years Term(First 10-year draw period followed by a 20-year repayment period).
★Allow to charge max point and fee:$1000(limited to Company with NMLS# to charge).
★The minimum initial draw requirement is the greater of $50,000 or 50% of the full line
amount.

Expanded HELOC

★Max Origination Point and Fee Charged must pass QM.
★Base Term: 360 month; 10 Years I/O draw period followed by 20 years amortization.
★$1.5m Max Combined Liens.
★Investment Property is not acceptable.
★Self-employed: Max Line - $250,000 /70% HCLTV for Second Home/ 720 min FICO
★Lifetime Max Rate: 18% or state maximum and lifetime rate floor 2.5%.
★Buy-up is ineligible .Buy-down ratio:1:3 (0.125 decreased on rate, 0.375 cost to price. max buy-down 1.000% in rate.)


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