– AAA Lendings HELOC – AAA Lendings Detail:
Overview
Standalone & Piggyback.
The HELOC program is Home Equity Line Of Credit.
Index + Margin. 30 Years term, 10 Yrs I/O Draw Period followed by 20 Years Amortization.
* Index: Prime Mortgage Rate floated with the market.
Margin: Subject to loan scenarios, Margin Min. 1%, Fixed.
Lifetime Max Rate: 18%.
Lifetime Rate Floor: 2.5%.
Program Highlights
1) No Prepayment Penalty;
2) No Annual Fee;
3) Primary & Second home are eligible;
4) 1 Unit & Up to 85% HCLTV;
5) Max. Loan Amount $350,000;
6) Min. FICO 680.
General Guideline
(1) Note Rate + 2% P&I over 30 years amortization as the qualifying rate.
(2) Assets/Funds to Close/Reserves:
★Piggybacks: follow first lien requirements.
★Standalone: no asset verification required if borrower is receiving cash-out (otherwise provide at least one month liquid asset statement showing sufficient funds to close).
(3) Appraisal/Property Valuation:
★Piggybacks: follow FNMA/FHLMC guidelines.
①AVM and exterior minimum property condition report (including photos) dated within 120 days of the note date.
②An appraisal (can be a desktop, exterior inspection and/or interior inspection) completed by a licensed/state certified appraiser dated within one year of the note date.
★Standalone:
1) AVM and exterior minimum property condition report (including photos).
2) An appraisal (can be a desktop, exterior inspection and/or interior inspection) completed by a licensed/state certified appraiser dated within one year of the note date.
★For credit limits > $250,000, full FNMA 1004 or FHLMC 70 with interior & exterior inspection containing color photos are required.
(4) Title may not be held in the name of a trust.
(5) POAs are permitted for all transaction types but must cover the 2nd lien transaction if utilized.
(6) Loan must be in second lien position.
(7) No Annual Fee.
(8) Leasehold is not eligible.
(9) Payment will be due on the 15th of each respective month.
(10) 5% late fee will be assessed on the payment due date + 15 days (unless there is a more restrictive state requirement).
(11) Lifetime Max. Rate: 18% or state maximum and Lifetime Rate Floor 2.5%.
(12) No Prepayment Peanlty.
Product detail pictures:
Related Product Guide:
AAA LENDINGS takes pride in our community involvement and social responsibility. We believe that being a responsible lender means giving back to the communities we serve. Our team actively participates in charitable initiatives, supporting local causes, and promoting financial literacy. We're not just in the business of providing loans; we're invested in making a positive impact on the lives of our clients and the communities they call home. – AAA Lendings HELOC – AAA Lendings , The product will supply to all over the world, such as: Egypt, Belarus, UK, Since its foundation , the company keeps living up to the belief of honest selling , best quality , people-orientation and benefits to customers. We are doing everything to offer our customers with best services and best products . We promise that we'll be responsible all the way to the end once our services begin.
By Federico Michael Di Marco from Amman - 2017.08.28 16:02 The factory technical staff gave us a lot of good advice in the cooperation process, this is very good, we are very grateful.
By Hilary from Stuttgart - 2017.11.20 15:58 
