MortgageDepot is pleased to announce the roll-out of a Simultaneous Home Equity Line of Credit when combined with a First Mortgage loan for either conventional or high-balance loan. There are many reasons why a piggyback loan is the right choice for you. either its good to avoid paying PMI or avoid Jumbo interest rates the piggyback loan is a loan that is a solution for many.
We have partnered with a Bank to offer this product.
Please see below for the product overview.
Some highlights include –
- HELOC Rate is current prime rate plus margin below:
- CLTV > 80%: 1.99%
- CLTV 70.01% – 80%: 1.49%
- CLTV 70% and less: 0.99%
- Draw Period: Years 1-10; interest-only payments required during draw period.
- Repayment Period: Years 11-30; principal and interest payments amortized over the remaining term of the loan.
- SFR, 2 Unit & Condos Accepted.
- Second Home Accepted.
- 1st Loan can be a Purchase or Refinance.
- Minimum HELOC line amounts begin at $25,000. Maximum HELOC line amounts up to $500,000.
- No additional document overlays.
- Fico Scores as low as 700.
- DTI as high as 45%
- Gifts / Gift of Equity / Seller Concessions accepted.
- No Prepayment Penalties.
- No additional reserves required.
To find out more why this piggyback loan is right for contact our office for more clarification on the program and what it offers.