Product Type
Home Equity Line of Credit
Eligible Borrowers:
U.S. Homeowners with a Valid SSN
Minimum Credit Score:
600 (Primary) | 680 (Secondary or Investment)
Maximum CLTV:
85% Primary | 80% Secondary 1st Lien | 70% Secondary 2nd Lien | 70% 3rd Lien
Lien Position:
Up to 3rd Lien on Primary | Up to 2nd Lien on Secondary or Investment | Up to 2nd Lien in TX and NY
Maximum DTI:
Less Than 50%
Loan Amount Min:
$25,000
Loan Amount Max:
$750,000 per Borrower
Loan Term:
10, 15, 20, or 30 Year Amortizing
Draw Period:
3 Years (10yr) | 4 Years (15yr, 20yr) | 5 Years (30yr)
Initial Draw:
100% of Credit Limit at Origination
Redraws:
Allowed | $500 Minimum | Up to 100% of Original Limit
Rate Type:
Fixed or Variable | Variable = Prime + 1% | 4.5% Floor
Autopay Discount:
0.25% Rate Reduction with Autopay Enrollment
Origination Fee:
1.50%–4.99% (Wrapped Into Loan, No Out-of-Pocket)
Prepayment Penalty:
None
Closing Timeline:
As Few as 5 Days from Application
Application:
100% Online | Soft Credit at Inquiry | Hard Pull on Acceptance
Valuation:
AVM at Inquiry | BPO if No AVM ($180 Fee, Wrapped) | Full Appraisal Required Above $400,000
Property Types:
SFR, Townhome, PUD, Condo, Duplex, 3–4 Unit Properties
Occupancy:
Primary, Secondary, and Investment Eligible
Seasoning Requirement:
90 Days from Date of Purchase
Geographic Notes:
Secondary and Investment Not Available in TX and NY | Variable Rate Not Available in CO, DC, IL, MA, MS, NY, OK, SC, TX, VA, VT, WI, WV, WY
Ownership Types:
Sole, Joint, Revocable Trust, LLC | LLC Not Eligible in HI, KS, NY, TX, UT (Min FICO 700, 25% Ownership, Cert. of Good Standing)
