Finally, there is a loan for the very best of borrowers.  Until recently, somebody with a 640 or higher credit score could pretty much get the same value from the mortgage industry regarding a standard loan as someone with a 720 or higher score.  With the advent of the HOA, the financially responsible person with positive cash flow can now gain benefits that are available ONLY to that segment of the population .. a reward of sorts.  We’ve all heard, “It takes money to make money”; it’s true in this case.  There must be equity, debt management, cash flow, and good credit … all attributes of the financially astute borrower.  Is that you?  If so, we have a reward just waiting just for you! 

Basic Requirements:
Good credit. Positive cash flow.
Loan Specifications.
Loan type: Adjustable rate line of credit, based on 1-month LIBOR index.
Adjustment period: Monthly
Term: 30 years HELOC, with 10-yr Interest only
Uses: Purchase or refinance
Lifetime cap: 5% over start rate
Documentation: Both Full Documentation and Stated Income.
No Doc / Stated NOT available in every state
Property Type: Owner occupied or 2nd Home
Minimum credit line: $100,000
Maximum credit line: $2,000,000
Minimum down payment (or equity position): as low as 10%.
Loan-to-value effects maximum loan amount. maximum loan-to-value varies by state and location
Withdrawals: ATM/Visa card at any ATM, checks, bill-pay, ACH, EFT.
Payments: Direct payroll deposit (highly suggested), EFT, ACH, Bank by mail.
Statements: Monthly. Online account access.
Annual fee: $30. Waived 1st year.

NOTE: Guidelines subject to change. Contact your Certified Home Ownership Accelerator Specialist for the most current up to date information.