HELOC Loan Programs Are A Great Tool | Valor Lending Group
Are you interested in one of our HELOC Loan Programs?
Valor Lending Group is ready to hook, line and sinker your HELOC Loan TODAY!
Contact Me–https://valorlending.com/meet-will-douillette/
A HELOC (home equity line of credit), is a type of home equity loan that allows you to draw funds as you need them and repay the money at a variable interest rate. HELOCs are commonly best for individuals who need funds to payoff existing debt. They are also beneficial for individuals that are in need of funds for on going home improvement projects. Typically HELOCs have lower interest rates than home equity loans and personal loans.
How does a HELOC work?
A HELOC works by giving you a line of credit that’s available for a set time frame, this is known as the draw period. Most HELOCs have an interest-only draw period, you can make both interest and principal payments to pay off the line of credit faster.
Pros and Cons of HELOCs
Pros
- You only pay what you spend
- Use the money for anything
- Options to lock in or fix your rate
- Lower interest rates compared to credit cards and personal loans
- You can borrow more money than with a credit card or personal loan
Cons
- The application process for a HELOC is longer than a credit card or personal loan
- Possible minimum withdrawal requirements
- Set draw period
- Possible fees and closing costs
- If you default, you risk losing your house
HELOC Loan Highlights:
- Primary Residence, Second Home
- SFR, 1-4 Units, Townhome, PUD, Condo (FNMA Warrantable)
- Max Loan Amount $2,000,000 (minimum $100,000)
- Cash-out Limit $500,000
- Condo, 2-4 Units, Second Home, Declining Markets | 70% LTV/CLTV
- First Time Homebuyers (FTHB) | 70% LTV/CLTV 700+ FICO
- 660-699 FICO score (70% LTV on purchase and R/T | 60% LTV on Cash-out)
- 700+ FICO score (75% LTV on purchase and R/T | 65-70% LTV on Cash-out)
- 50% DTI (debt to income)
Bottom Line
If you are an individual that is in need of funds for a ongoing home improvement project or need to pay off some debt, a HELOC may be the right loan options for you. Some pros of a HELOC is that they have lower interest rates compared to credit cards and personal loans. Also, you can borrow more money than with a credit card or personal loan. A con, is that if you default on the HELOC you could risk losing your house. Valor Lending Group offers every mortgage loan in the book and is here to help you through the mortgage loan process today. We will be standings by for you call.
VALOR LENDING GROUP OFFERS EVERY MORTGAGE LOAN IN THE BOOK!
If you would like to discuss more details on qualification and requirements, I am available to answer any questions you may have.
Recap of our Loan Products:
- Hard Money Loans (20% down / minimal documentation) Typically Fund in 7-10 days.
- Stated Income Loans (Great for business owners and self employed ) No tax returns!
- 100% financing is available (we can cross collateralize other properties if there is enough equity)
- Valor VA Home Loan 100% financing up to $1.5MM
- Investor Cash Flow Loan – No tax returns or DTI calculation! Based on subject property cash flow
- Flipper & Rehab Loans (Flip a property with one of our many options)
- 2nd Position Loans up to $5mm
- Raw Land & Lot Loans
- Ground up Construction for spec homes, custom homes and commercial ground up.
- Farms, Vineyards, Ranches and Agricultural Properties (25-30% down)
- 10% down Jumbo’s up to $1.5mm
- Manufactured Housing / Mobile Homes (20% down / 600+ credit score)
- Acreage Properties
- Commercial Loans up to $500mm
- 3% & 5% down Conventional Loans– LPMI (Lender paid mortgage insurance)
- Foreign Nationals Loans (no social security or residency required)
We also offer:
- 10, 15, 20, 25, 30 year Fixed, Conventional Conforming Loans
- High Balance Conforming aka Super Conforming
- Jumbo’s to $10 Million / 10% down Jumbo to $1.5mm
- FHA, USDA
- ARM’s
- Reverse mortgages up to $1 Million Value
- Refinance including Cash Out
**Rates and terms subject to change without notice
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