We supply no-income examine loans for house fairness strains of credit score (HELOC) in Washington. Primarily, we lend in main metropolitan areas; all the things exterior these areas wants an exception, which could be obtained. The exception could be granted if folks have reserves of their financial institution accounts, resembling 401Ks, retirement funds, or some other liquid asset. The no-income examine HELOC is for many who are self-employed, unemployed, retired or don’t have a constant revenue stream to qualify for an revenue examine HELOC. Once we say no revenue, we imply no revenue. We don’t state the revenue on the mortgage utility; the whole course of relies on the property’s fairness. For a real no-income HELOC, the utmost loan-to-value is 50%; we don’t put an excessive amount of emphasis on credit score rating so long as there are not any late funds on the credit score report. The no-income examine house fairness does require reserves of 12 months in the event you solely personal one property. If somebody has multiple property, the reserves solely go down to 6 months. The no-income examine house fairness line of credit score is for all occupancy sorts, together with main residence, second house, and funding properties. As soon as once more, the utmost loan-to-value is 50%.
The TRUE NO INCOME HELOC is offered in Washington, however solely in these counties. We provide different forms of non-qm HELOCs in case your property doesn’t fall in these counties.
- King County
- Pierce County
- Snohomish County
We do supply different no-income examine packages, resembling a financial institution statements program or a DSCR HELOC. Nonetheless, these explicit house fairness strains of credit score merchandise require documentation resembling financial institution statements or rental revenue to qualify for a mortgage, and the utmost loan-to-value for these non-QM house fairness strains of credit score is 90% loan-to-value.
- Max mortgage is $2 million
- Might be in first or second place
- No credit score rating is required
- No revenue is required
- Can shut in Belief, even irrevocable.
To be taught extra about our no-income examine house fairness line of credit score in Washington, contact our workplace, and we’ll have a consultant see in the event you qualify.