Bank Statement HELOC
- Loan amounts up to $500,000
- Revolving line of credit
- Interest only payments during draw period
- Loan terms from 15 to 25 years
- Available on first and second lien positions
- Business Bank Statements
- Full doc available
- Owner-occupied, second homes, and non-owner occupied
- Eligible for US citizens and permanent resident aliens
- No restrictions on how funds can be used
*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 Bank Statement Home Equity Line of Credit (HELOC) is designed specifically for self-employed bank statement borrowers. This program enables self-employed borrowers to tap into their home’s equity while retaining their first mortgage. The HELOC is a revolving line of credit, and borrowers can borrow as much of the approved credit limit needed during the draw period.
*must draw at least 80% of loan amount at time of closing
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.