Skip to main content

Bank Statement HELOC

A HELOC for Self-Employed Borrowers

  • Loan amounts up to $750,000 (Business Bank Statements)
  • Loan amounts up to $500,000 (Personal Bank Statements)
  • First lien HELOC allowed
  • Owner-occupied, second homes, and investment properties*
  • Full doc option available
  • Interest-only payments during draw period
  • No restrictions on how funds can be used**
  • Loan terms:

    15 years (3-yr draw, 12-yr repay)

    20 years (5-yr draw, 15-yr repay)

    25 years (10-yr draw, 15-yr repay); not allowed on bank statements

    *Owner occupied program is not available in TX

Min Fico

660

(Up to 75% CLTV)

Max CLTV

90%

(760 FICO)

Angel Oak Mortgage Solutions’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.

Download HELOC Flyer

Bank Statement HELOC Guide

FAQ's | The HELOC Opportunity: Your Quick Guide

What is a HELOC?
A HELOC is a revolving line of credit secured by your home. You can borrow, repay, and borrow again - similar to a credit card – up to your approved limit.
How is it different from a home equity loan/closed-end second mortgage?
A home equity loan gives you a lump sum with a fixed rate, while a HELOC is flexible and works like a credit line with a variable or fixed rate option.
How much can I borrow?
It’s typically based on the equity in your home. Angel Oak allows up to 90% of the home’s value, minus your current mortgage balance. CLTV is based on Occupancy and Credit Score.
How do I access my HELOC funds?
Borrowers can set up online access directly through Shellpoint’s website by following on-screen prompts. Shellpoint Customer service number: 855-263-8899.
When can I draw from my HELOC after I close?
After closing, there is a 90-day freeze period on withdrawals; you can draw after the 90 days.
Can I use it for anything?
Yes! Common uses include home renovations, debt consolidation, education costs, or as an emergency fund.
What is the draw period vs. Repayment period?
Draw period: Is either 10yr, 5yr, or 3yr, where you can borrow and only pay interest. - 25 yr term (10yr draw, 15yr repay - allowed on Full Doc Only) - 20 yr term (5yr draw, 15yr repay) - 15 yr term (3yr draw, 12yr repay) Repayment period: After the draw ends, you repay the principal and interest over 12 or 15 years.
Are there penalties for early repayment?
No prepayment or termination fees.
What happens if i sell my home?
The HELOC must be paid off when you sell your home, just like your primary mortgage.
Is the interest rate fixed or variable?
Angel Oak’s HELOC is a variable rate and will adjust to the published Prime Rate.
Are there annual fees?
No annual fee or maintenance fee.

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 Programs

Please paste immediately after the opening body tag