Bank Statement HELOC (Home Equity Line of Credit): Bank statement HELOC approval - A flexible revolving line of credit that uses the equity in your home as collateral, while maintaining the first mortgage with approval based on bank statements instead of traditional income verification.
Bank statement HELOC approval – There are no restrictions on how borrowers can use the funds and they are able to make interest only payments during the draw period.
- Loan amounts up to $500,000
- First lien HELOC allowed
- Owner-occupied, second homes, and investment properties
- Full doc option available
- Minimum initial draw 80%
- Interest-only payments during draw period
- No restrictions on how funds can be used
- Loan terms:15 years (3-yr draw, 12-yr repay)
20 years (5-yr draw, 15-yr repay)
25 years (10-yr draw, 15-yr repay); not allowed on bank statements
*Owner occupied program is not available in TX
*Program only allowed on investment properties in TN
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