|
General Description |
An
open end line of credit loan secured by a lien on on an eligible
property. This HELOC may be in either first lien or second lien position
(no third liens). All first liens are limited to 80% LTV.
If HELOC is a second lien and the first lien is PCM's then the first must
have a 2 week seasoning. The line of credit is revolving with
an interest rate tied to the Prime Rate plus a margin. |
|
LTV's: Full/Alt |
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|---|---|---|---|---|---|---|
|
Balance |
(H) CLTV |
Credit Score |
Purpose |
Units |
Occupancy | Ratio |
| $100,000 |
100% |
> 660 |
Purchase Rate/Term Refinance Cash-out Refinance |
1-2 |
Primary Residence |
50% |
| $250,000 |
90% (less $100) |
50% |
||||
| $250,000 |
80% |
50% |
||||
| $100,000 |
95% |
> 620 |
Purchase Rate/Term Refinance Cash-out Refinance |
1-2 |
Primary Residence | 45% |
| $125,000 |
90% (less $100) |
50% |
||||
| $125,000 |
80% |
50% |
||||
| $250,000 |
50% |
50% |
||||
| $125,000 |
90% (less $100) |
> 680 |
Purchase Rate/Term Refinance Cash-out Refinance |
1 |
Second Home |
45% |
| $125,000 |
80% |
|||||
| $100,000 |
80% |
> 640 |
||||
| $100,000 | 90% (less $100) |
> 720 |
Purchase Rate/Term Refinance Cash-out Refinance |
1-2 |
Primary Residence |
45% . |
| $100,000 |
80% |
> 680 |
||||
| $150,000 |
80% |
> 750 |
||||
|
Line Amount |
Maximum (H) CLTV |
Minimum Credit Score |
| < $ 75,000 |
50% < 90% |
620 |
| < $100,000 |
90% - 100% |
660 |
| < $150,000 |
< 90% |
660 |
| < $200,000 |
< 5% |
700 |
| <, $250,000 |
< 50% |
620 |
| For additional AVM
guidelines and ordering instructions, see exhibit,
Automated Valuation Method (AVM). |
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