Bank Statement HELOC
A HELOC for Self-Employed Borrowers
- Loan amounts up to $500,000
- First lien HELOC allowed
- Owner-occupied, second homes, and investment properties
- Full doc option available
- Minimum initial draw 80%
- 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
*Program only allowed on investment properties in TN
Min Fico
700
(Up to 85% CLTV)
Max LTV
85%
(Minimum 700 FICO)
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
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.