We supply no-income examine loans for house fairness traces of credit score (HELOC) in California. Primarily, we lend in main cities (see counties beneath); every thing outdoors these areas wants an exception, which might be obtained. The exception might 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 individuals who are self-employed, unemployed, retired, or don’t have a constant revenue stream to qualify for an revenue examine HELOC. After we say no revenue, we imply no revenue. We don’t state the revenue on the mortgage utility; your entire course of is predicated 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 aren’t any late funds on the credit score report. The no-income examine house fairness does require reserves of 12 months if you happen to solely personal one property. If somebody has a couple of property, the reserves solely go down to 6 months. The no-income examine house fairness line of credit score is for all occupancy varieties, together with major residence, second house, and funding properties. As soon as once more, the utmost loan-to-value is 50%.
The TRUE NO INCOME HELOC is accessible in California, however solely in these counties. We provide different varieties of non-qm HELOCs in case your property doesn’t fall in these counties.
- San Francisco County
- Alameda County
- San Mateo County
- Santa Clara County
- Sacramento county
- Contra Costa County
- Los Angeles County
- Orange County
- Riverside County
- San Bernardino County
- San Diego County
We do supply different no-income examine packages, resembling a financial institution statements program or a DSCR HELOC. Nonetheless, these explicit house fairness traces 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 traces of credit score is 90% loan-to-value.
- Max mortgage is $2 million
- May 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 California, contact our workplace, and we’ll have a consultant see if you happen to qualify.