Valor Lending Group is proudly to announce Top Piggy Back or Stand Alone HELOC with amazing rate and terms. Let Valor Lending Group save your purchase or maximize your refinance. Call Adam Lawrence today help you reach you real estate goals. Call today 858-344-0323.
What is a Top Piggy Back or Post-Close HELOC?
- A piggyback loan is a type of second mortgage that closes concurrently with the first. This allows borrowers to secure a lower rate on the first while maximizing there Loan To Value. Ultimately allowing them to purchase the property with the least amount down while avoiding Mortgage Insurance.
- Main difference between a 2nd mortgage and home equity line of credit is that you can keep using the HELOC as a revolving line of credit. The lower you pay down your balance the more credit becomes available for you to use.
- Post Close HELOC is the same as a Piggy Back, but closes under 120 days of the purchase. This is used when you just purchased your new property and want to pull equity out right after the closing date.
What is a Stand Alone HELOC?
- A Stand Alone HELOC single closing transaction after 120 days of your purchase. Same attributes as a Piggy Back, but just closes well after the purchase.
Piggy Back HELOC Highlights | Purchase or Refinance
- Documentation: Full Doc FNMA Guidelines
- Occupancy: Primary or Second Home
- Maximum CLTV: Primary 89.99% | Second Home 85.00%
- Maximum DTI : Primary 45% | Second Home 43%
- Maximum Loan Amount : Primary $750K (80.00 LTV) $500K(89.00 LTV) | Second Home $500K
- Credit Score Minium: 680
- Non- Occupant Co-Borrowers: Allowed with 720 midle score for the primary wage earner
- Max Combined Loan Amount: $3.0MM
- Property Type: SFR(1-4), PUD, Townhome, Condo, Manufactured Home(doublewide,1976 or newer)
- Acreage Restrictions: No restrictions
- Loan Term: 10 Year Draw w/ Interest Only payments | 20 Year Amortizing
Stand Alone HELOC Highlights
- Documentation: Full Doc FNMA Guidelines
- Occupancy: Primary
- Maximum CLTV: Primary 89.99%
- Maximum DTI : Primary 45%
- Maximum Loan Amount : Primary $500K(89.00 LTV)
- Credit Score Minium: 680
- Non- Occupant Co-Borrowers: Allowed with 720 middle score for the primary wage earner
- Max Combined Loan Amount: $3.0MM
- Property Type: SFR(1-4), PUD, Townhome, Condo, Manufactured Home(doublewide,1976 or newer)
- Acreage Restrictions: No restrictions
- Loan Term: 10 Year Draw w/ Interest Only payments | 20 Year Amortizing
Other Amazing Products Adam Lawrence at Valor Lending Group Can Offer:
- Hard Money Loans (35% down / minimal documentation) Typically Fund in 7-10 days.
- Stated Income Loans (Great for business owners and self employed ) No tax returns!
- Valor VA Home Loan 100% financing up to $1.5MM
- Rental Property Loan – No tax returns or DTI calculation! Based on subject property cash flow – No DSCR Coverage needed!
- 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 with NO MI up to 2MM / 10% down up to $3mm
- 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)
Call Adam Lawrence today 858-344-0323 or email at alawrence@valorlending.com
Check out more of what we offer. Check out Valor’s Mortgage News to learn more!
