HELOCs and Fixed Rate Second Liens

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Definitions

• LTV: means "loan to value"
Example: 90 LTV means you can get a loan up to 90% of the property value if you qualify.
If your home is worth $1,000,000 and you have a $500,000 first loan at 4.00% you may qualify for a 2nd loan up to $400,000.
The combined loans total $900,000.  $900,000 ÷ $1,000,000 = 90 LTV.


Fees

• HELOC (Adjustable) Administration Fee = $399
Plus: HELOC Annual Maintenance Fee = $99 per year on anniversary
• Home Equity Loan (Fixed) Administration Fee = $79
• Title report: $80 for loans under $249,000
• Origination: 1.50% or $1,950 whichever is greater
Through William Cook of Omni Fund, Inc. NMLS 1048392

As of 8/11/2022

Home Equity Line of Credit
Minimum FICO scores
Primary home
Second home

740+
700-739
680-699
90 LTV
90 LTV
80 LTV
80 LTV
80 LTV
N/A

• 30-year variable term (Index plus a margin)
• 10-year interest only draw period with a 20-year fully amortizing repayment period
• $50,000
• Prohibited during the first 90 days after the closing date
• Minimum $1,000 not to exceed credit limit
• $500,000
• Maximum 45% DTI
• 30 year, fully amortized payment based on start rate + 2% and the total credit limit used to qualify
None



Home Equity Loan (Fixed rate)
Minimum FICO scores
Primary home LTV
Second home LTV
Investment Property (1-2 units)

740+
700-739
680-699
640-679
620-639
95
95
90
85
70
90
90
90
80
60
85
85
85
80
60

• Stand-Alone Second Liens and Piggybacks
• Fixed rate terms: 5, 10 ,15, 20, 25 & 30 years repayment periods
Minimum: $50,000
• Maximum: $500,000
Owner-Occupied
• Second / Vacation Homes
• Investment Rental Properties
o Borrowers are allowed to have a maximum of 10 Financed Properties
• Maximum 50% DTI with minimum FICO credit scores of 700 and $3,500 of Monthly Residual Income
o Monthly Residual Income = Total Monthly Income – Total Monthly Mortgage and other debts on credit report
• Max 45% DTI for all other situations
• Single Family homes (including Modular homes and PUD’s)
• Condominiums (Warrantable)
• 2-Units (Duplex or Two-family home)
• Condotels (Non-Warrantable Condo) • Cooperatives • New Construction Condominium Projects
• Mobile Homes • Manufactured Housing • Commercial • Geodesic Domes • Working farms and ranches
• Unimproved Land • Properties with more than 20 Acres • Timeshares • Leasehold • 3-4 Units • Properties listed for sale in the past 12 months
None