125% home equity loan

What is a 125% home equity loan?

The is a second mortgage that allows you to borrow more than what your home is worth. You can borrow up to 125% of your home's value. This is an ideal loan for you if you have no equity in your home. If you have a VA or a FHA loan or want to payoff a second mortgage to get some extra cash this one is for you. Its generally tax deductible up to 100% of the value available of the house.

How does it works ?

This is a FICO based program with a minimum of 640 middle fico score required. Presently there are no exceptions. For example, if your house is worth $100,000 then you would be allowed to borrow a combined total of $125,000 between your first and second mortgage.You have to be in the property for at least 6 months or to be a previous owner.

Why should I apply ?

• Pay off credit cards,and other debt.
• Lower your payments by hundreds of dollars each and every month, and make only one easy monthly payment.
• Make home improvements, pay college tuition, or just take a vacation.
• Tax deductions ( please consult your CPA)

What is the criteria for this loan ?

• FICO Scores 640 and above.
• Some Cash Out restrictions
• Loan amounts $30,000 and above
• For A  Credit borrowers
• Bankruptcy 5 years discharged.
• Appraisal required for amounts above $35,000
• Six months in the property or a previous home owner.

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