Bank Statement HELOC

A HELOC for Self-Employed Borrowers

Angel Oak’s Home Equity Line of Credit “HELOC” program enables borrowers to tap into their home’s equity while retaining their first mortgage. With this product, borrowers receive a revolving line of credit up to the approved credit limit. There are no restrictions on how borrowers can use the funds and they are able to make interest only payments during the draw period.

*must draw at least 80% of loan amount at time of closing, with a minimum draw amount of $100k

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Download the HELOC Flyer

660

Min Fico

(Up to 75% CLTV)

90%

Max CLTV

(Minimum 760 FICO)

Loan amounts up to

$750,000

(Business Bank Statements)

Loan amounts up to

$500,000

(Personal Bank Statements)

Minimum initial draw

80%

Full doc

option available

First lien HELOC allowed
Owner-occupied, second homes, and investment properties
Interest-only payments during draw period
No restrictions on how funds can be used
Loan terms: 15 years (3-yr draw, 12-yr repay)
Loan terms: 20 years (5-yr draw, 15-yr repay)
Loan terms: 25 years (10-yr draw, 15-yr repay); not allowed on bank statements

*Owner occupied program is not available in TX
Loan Features: 2-1 Buydown, Adjustable-Rate Mortgage (ARM)

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FAQ's

A Bank Statement HELOC is a Home Equity Line of Credit for self-employed borrowers that qualifies income using bank statements and provides revolving access to home equity.

Self-employed borrowers, investors, and homeowners with sufficient equity and documented deposit history may qualify.

Borrowers draw funds during a defined draw period and typically make interest-only payments during that time. Repayment terms follow program guidelines.

Primary residences, second homes, and investment properties may qualify based on underwriting standards.

A HELOC allows borrowers to access equity while maintaining their existing first mortgage structure and rate.

What is a Home Equity Line of Credit?

A Home Equity Line of Credit (HELOC) is a flexible financial product that allows homeowners to leverage the equity in their homes as collateral for a revolving line of credit. This credit line, similar to a credit card, enables borrowers to access funds as needed during a specified draw period. The amount available for borrowing is determined by the difference between the home’s current market value and the outstanding mortgage balance. HELOCs consist of a draw period where funds can be accessed and a subsequent repayment period. Borrowers can use the funds for various purposes, and the loan is secured by the home’s equity.

Additional Program Options