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The HELOC program is Home Equity Line Of Credit.

Index + Margin. 30 Years term, 10 Yrs I/O Draw Period followed by 20 Years Amortization.

* Index: Prime Mortgage Rate floated with the market.
   Margin: Subject to loan scenarios, Margin Min. 1%, Fixed.
   Lifetime Max Rate: 18%.
   Lifetime Rate Floor: 2.5%.

Program Highlights


1) No Lender fee;
2) No Prepaid Penalty;

3) Appraisal Fee $0 (Line < $250k);
4) Title and Escrow Closing Fee $370-$650 (Closing with Title Company Designated by AAA LENDINGS);
5) Max. CLTV 89.99%;
6) Line Amount $50,000-$500,000;
7) Min. FICO 680.

Expanded HELOC

1) No Annual fee;
2) No Prepaid Penalty;

3) Primary & Second home are eligible;
4) Max. HCLTV 85%;
5) Max. Loan Amount $350,000;
6) Min. FICO 680.

General Requirements


Max. DTI 45%
★Rate Adjustments CA add 0.250% to margin 2nd Home add to 0.250% to margin
★All HELOC loans will be priced at par (Max 10 days lock periods).
★30 Years Term(First 10-year draw period followed by a 20-year repayment period).
★Allow to charge max point and fee:$1000(limited to Company with NMLS# to charge).
★The minimum initial draw requirement is the greater of $50,000 or 50% of the full line amount

Expanded HELOC

(1) Max. DTI 43% for loan Limit <= $250,000| 34% for loan Limit >$250,000
(2) Note Rate + 2% P&I over 30 year amortization as the qualifying rate.
(3) Assets/Funds to Close/Reserves:
★Piggybacks: follow first lien requirements.
★Standalones: no asset verification is required if borrower is receiving cash-out (otherwise provide at least one month liquid asset statements showing sufficient funds to close)
(4)Mortgage late:0x30x24

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