If you reach the end of this rope and find no options, we have a single loan solution that will go to $875K at 90% LTV. Yes, there will be PMI. No, it's not perfect.
If you can take it out of the realm of the emotional ("all PMI is BAD"), then the real numbers will tell if this solution makes sense or not. If you need help in that regard, I am available any time.
No Title Insurance required for Simultaneous HELOCs with line of $250,000 or less.
Primary Borrower (most income) must have a Mid Score of at least 700.
If combined liens > $750K mid score must be 720.
Max Ratios of 38.00/45.00 Absolutely firm on BOTH RATIOS
Max 89.99% CLTV -Max combined liens of $750,000
For combined liens>$750K - 85.00% CLTV to $1 Mil combined liens.
Same pricing for Purchase, R/T Refi or Cash Out. Condo refi max 85%
80.00%CLTV or below Prime + 1.49 (Prime @3.25%) = 4.74%
80.01% CLTV to 89.99% Prime + 1.99 (Prime@3.25%) = 5.24%
OWNER OCCUPIED ONLYâ€“ no second homes; non owner or blended ratio
Single family homes/condos and O/O duplexes OK. No triplexes or fourplexes.
First cannot be an Interest-Only loan -10% HELOCs will only stands behind fixed rate programs and full amortized 5/1, 7/1 and 10/1 ARM programs
HELOC Terms-10 year I/O draw period; 20 year repay period;
$50 annual maintenance fee deducted from HELOC with first statement.
No min credit advance or min balance required. Early Term. Fee of $475.00 if line is cancelled < 3 years.
Those seconds are very skiddish. I do expect that they will ease up, but at the moment. Not available past $750k max combo.
Ratios do need to be 38/45 for that program, as well.