Home Equity Line of Credit

  Home Equity Line of Credit - HELOC

 
   The combination of construction loans and home equity line of credit (HELOC) will very often make a construction project possible in one the following scenarios.

   If you own a property now, and are buying a lot to build a home from ground up or buying an existing property with the intension of doing a major remodel you can use a home equity line of credit to on your home to get started.

   Since most construction loans include an interest reserve account, the payments on the HELOC do not get in the way of qualifying for the new construction loan.

   A second scenario is when you are planning a major remodel of your existing home. The new construction loan is not going to fund before you get to the final permit stage and to get to that stage you need to pay architects, engineers, appraisers and permit fees. Even if these fees are included in the construction loan, you are still going to be out of pocket until the construction loan kicks in.

Use a Home Equity Line of Credit to:

Remodel your existing home
Debt consolidation
College tuition
Supplement your construction loan

HELOC with Enhanced Guidelines:

Up to 100% Combined Loan to Value
Documented or Stated Income
FICO scores as low as 600.
Loan amounts up to $650,000

Absolutely No Cost HELOCs available:

No Appraisal Fee
No Application or Processing Fees
No Closing Fees