HELOC
With a HELOC, you’re borrowing against the available equity in your home and the house is used as collateral for the line of credit. As you repay your outstanding balance, the amount of available credit is replenished – much like a credit card.
HELOC’s are available up to 90% loan to value for owner occupied properties and up to 70% loan to value for 2nd home and investment property. The minimum credit score required for owner occupied properties is 640 and the minimum credit score required for 2nd home and investment properties is 680. Maximum loan size for owner occupied properties is $400K and up to $200K for 2nd home and investment properties.
FHA down to 550
Max financing is 90% loan to value for purchase and rate/term refinances. Up to 80% financing is available for cash out refinances. Eligible property types are as follows: Single family residence, townhomes, Approved Condos, 2-4 unit, Multi-Wide Manufactured Homes. Please refer to FHA page for additional information on the FHA product.
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