New Enhanced HELOC Guidelines for PiggyBack Loans
Effective Monday, May 9, 2005, Virtual Loan Officer is pleased to announce several exciting enhancements to our Home Equity Line of Credit (HELOC)program. These enhancements include: Improved and overhauled pricing structure – better rates for high CLTV/high credit score borrowers and many others.
Streamlined and simplified stand-alone HELOC process – close stand-alone HELOCs fast with fewer fees; arrange closings at your kitchen table.
Second homes now eligible up to 100% CLTV (Full/Alt Doc); this enhancement will allow the HELOC program to be used to its full advantage behind many eligable first mortgage products that allow a 100% HELOC CLTV for second homes.
3- and 4-unit properties are now eligible as both primary residence and investment properties up to 80% CLTV for purchase and rate/term refinance transactions.
1- and 2-unit investment properties (Full/Alt Doc) are now eligible up to 90% CLTV – increased from 75% CLTV.
State eligibility enhancements – Alaska and Hawaii are now fully eligible (previously restricted to 89.999% CLTV).
Give me a call at 888 702-0652, these enhancements will be a great benefit to those borrowers who are considering a piggyback mortgage of any configuration.
posted by William Hobbs @ 8:35 PM
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