No Income Verification HELOC

The No Income Check Home Equity Line of Credit (HELOC) is tailored for Borrowers who possess substantial equity, the primary factor guiding underwriting for this product. With no mandatory minimum FICO score and zero employment verification, the process is simplified. Asset verification is not required, and for smaller loan amounts, automated valuation models (AVMs) may eliminate the need for appraisals. This unique HELOC product stands as the sole No Income Check option and offers a more streamlined experience compared to most Hard Money transactions.

Program In-Depth Detail

  • Property Type: This program accommodates Single-Family Residences (SFR 1-4), Condos, and PUDs (Warrantable Only), offering flexibility in your property choice.
  • Streamlined Income Verification: Income is not subject to verification by any method, simplifying the application process.
  • Exclusions for Foreign Nationals: This program is exclusively available to U.S. residents, as foreign national borrowers are not eligible.
  • Credit History Considerations: Applicants must have a minimum of one year since bankruptcy (Bk), foreclosure (FC), or short sale (SS). A single 60-day late payment (1×60) is acceptable within the past 12 months.
  • Debt Settlements and Collections: Collections exceeding $5,000, all tax liens, and charge-offs must be resolved before closing.
  • Owner-Occupied, second home or investment properties
  • No Maximum Property Limit: There is no restriction on the number of properties owned or financed, providing flexibility for investors.
  • Max Loan amount is $2 Million
  • Reserves Based on Credit Scores: The reserve requirements are as follows:
  • 12 months of reserves if all three credit scores are above 700.
  • 18 months of reserves (12 liquid and 6 non-liquid) if all three scores are below 700.
  • 24 months of reserves for Non-Owner-Occupied properties (12 liquid and 12 in other properties). This diverse program caters to a range of financial profiles.

Say goodbye to the conventional, restrictive application processes and discover a world where your income isn’t the sole determining factor. Whether you’re looking to tap into your home’s equity or explore new opportunities, this unique HELOC product simplifies the path. It’s time to embrace financial flexibility and say hello to a brighter, more accessible future. Contact today to embark on your journey to a simpler, more inclusive financial solution. Your dreams, your rules, your equity.