HELOC Product Description

The HELOC is a standalone product. It requires a minimum 75% draw at closing and has no prepayment penalties:

Available in all 50 states and DC

• Minimum Loan Amount $25,000*

• Maximum Loan Amount $750,000 for owner occupied

• Maximum Loan Amount $500,000 for second homes and investment properties

• Maximum 80% CLTV for owner occupied

• Maximum 70% CLTV for second homes and investment properties

• Minimum 600 FICO for owner occupied*

• Minimum 640 FICO for second homes

• Minimum 700 FICO for investment properties

Maximum DTI:

•      FICO 680+: 50%
•      FICO 600-679: 45%

• 5 Year I/O draw period + 25 Year Amortization*

• 1-4 Unit properties eligible (SFR, Condo, Modular, or PUD)

*State exceptions apply. Refer to section titled State Specific Information