100% Home Equity Loans
Home equity loans second mortgages
What is a 100% home equity loan?
Its a second mortgage that allows you to borrow up to 100% value of your home. It’s generally tax deductible up to 100% of the value of your home. Loan terms can be as long as 30 years due in 15 or simply 15 years amortized.
Qualifications for 100 % home equity loans
- FICO based program with minimum of 640 middle score required.
- Ownership in the property 6 months to get a new appraised value.
- No Bankruptcies and foreclosures in the last 2 years.
- Documented income.
Why should I apply for a 100 % Second Loan?
- Pay off credit cards,second loans,and other debt.
- Lower your payments by hundreds of dollars each 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 100 % LTV Second Mortgage ?
- FICO based program with 640 middle fico.
- Stated income 680 middle fico score required
- Some Cash Out restrictions
- Loan amounts up to $200,000.
- For A- Credit borrowers
- Bankruptcy 2 years discharged.
- Appraisal required for amounts above $35,000
- Six months seasoning to get new appraised value.
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