First Lien HELOC

Loan Purpose

  • Purchase

  • Rate/Term Refinance

  • Cash-Out Refinance

Loan Product

  • 10 Year Interest Only (“IO” 120  Months) to Fully Amortized

  • 10 Year Open Draw Period on all Loans

Initial Rate

  • Base Margin + Credit Adjuster plus 1 mo. Libor (1 mo. Libor floater)

Max Rate

  • Life Cap 6% over the initial fully indexed rate

Loan to Value (“LTV”)

  • Up to 90% on Primary Residence

  • Up to 85% on Second Home and Investment Properties

Minimum Loan Amounts

  • $100,000

Other

Product Offerings

Residential Products

Business Purpose Products

Maximum Loan Amounts

  • $1,500,000

*Larger loan balances are only permitted on an exception basis that requires Invigorate Scenario Desk review.

Eligible Property Types

  • Single Family Residence (SFR)

  • 2 to 4 Family (Primary & Investor)

  • Warrantable Condominiums (FNMA guides)

  • Townhomes

  • No mixed use

Property Locations

  • Major MSA’s and secondary markets

  • No Rural Properties (as designated on appraisal)

(Not available in Texas, Alaska and Hawaii)

Eligible Borrowers

  • U.S Citizens/Permanent Resident Aliens

  • Non- Permanent Resident Aliens

  • Foreign Nationals

  • Inter Vivos Revocable Trusts 

Minimum Credit Score

  • 660

Documentation

  • Full Documentation Underwrite