Home Equity vs Cash Out Refinance.
No full appraisal needed if loan amount is under $250k
With this program …
- Minimum Credit Score 680
- Minimum Loan Amount $100,000
- Maximum Loan Amount $750,000
Home Equity vs Cash Out Refinance
With this program …
- Minimum Credit Score 680
- Minimum Loan Amount $100,000
- Maximum Loan Amount $750,000
Loan Parameters
Home Equity Loan = HELOAN
& Home Equity Line of Credit
- Primary residence
- 20 and 15 year terms
- No prepayment penalties
- Escrow Waiver ok, taxes and insurance can be paid separate from the monthly payment when 20% down payment or 20% Equity
- No full appraisal needed if loan amount is under $250k
- Maximum Cash Back at closing $300k
- Income document Type: 1 year of tax returns, w2’s and 30 day paycheck stubs, when applicable.
- If client has first loan, the second loan (The Home Equity) Must consider the payments of the first loan, in the approval process
- Follow 50(a)(6) regulations; only 1 Home Equity allowed each year
- Single family home and Non Warrantable Condos are allowed.
- Asset Depletion as income can be considered
- Cumulative Loan Amounts (1st & 2nd) not to exceed $1,499,999
- If Rural property, max Acreage 20 acres
Line of Credit = HELOC
- Primary home and Second home
- Minimum Credit 740
- Minimum loan amount $50k- Maximum $500k
- 30 year variable term and 10 year interest only draw with a 20 year fully amortization payment
- If loan is under $250k only need an exterior appraisal
- Paying off debt to qualify is permitted
Bryan E.
Came to the Contrasto team to prequalify for a new house loan. We had worked with Contrasto when getting our current home.They took time to explain what we needed, ad were very helpful in suggesting where we could get additional help. They are great partners. The Contrasto team was very professional, courteous and provided excellent service to me when I was buying a new home.
Santiago T.
“My wife and I have used Patti's services on two different occasions when we purchased homes. She always provided excellent service, is very knowledgeable, very professional, and very friendly. We highly recommend her.”
Heltor H.
"Outstanding service!!! Patti and Team are amazing!! They will work hard to get you the best possible deal and ensure the entire process is completed in a timely manner. All the while explaining you the entire loan cycle step-by-step, so you never feel out of place. If you have any doubts about whom you should be working with, contact Patti and Team. You won't regret it!!"