100% Home Equity Loans

125% home equity loan

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.

 

The important thing to realize here is the need to take cash out in the dwindling values of homes. If you have owned the property prior to 2003 you may still have equity in the property even with the values in 2012 or later. This would have a larger cushion for borrowers to be able to take some cash out.  Many lenders simply are limiting cash out and willing to do a rate and term loan which defeats the purpose of a secondary financing. If you are having this issue you can always try to refinance the first mortgage and take some cash out whereby the lender still secures a First position to the loan and may feel more comfortable to grant a loan.  We have done this both ways and whatever method meets your needs is appropriate in given situation.

Home equity loans and second mortgages are lot less popular since 2008 and there is a good reason for it. Its the declining valuations that discourage lenders taking secondary positions in a uncertain lending climate.


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