We provide no-income test loans for dwelling fairness strains of credit score (HELOC) in New York. Primarily, we lend in 5 boroughs; every thing outdoors the 5 boroughs wants an exception, an exception might be obtained if folks have reserves of their financial institution accounts, akin to 401K’s, retirement funds, or another liquid asset. The no-income test HELOC is supposed for many who are self-employed, unemployed, retired or don’t have a constant revenue stream to qualify for an revenue test HELOC. After we say no revenue, we imply no revenue. We don’t state the revenue on the mortgage software; your entire course of relies on the fairness of the property. For a real no-income HELOC, the utmost mortgage to worth 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 test dwelling fairness does require reserves of 12 months when you solely personal one property. If somebody has a couple of property, the reserves solely go down to 6 months. The no-income test dwelling fairness line of credit score is for all occupancy varieties, together with main residence, second dwelling, and funding properties. As soon as once more, the utmost loan-to-value is 50%.
We do provide different no-income test applications, akin to a financial institution statements program or a DSCR Heloc. Nonetheless, these specific dwelling fairness strains of credit score merchandise require documentation akin to financial institution statements or rental revenue to qualify for a mortgage, and the utmost loan-to-value for these non-QM dwelling fairness strains of credit score is 90% loan-to-value.
- Max mortgage is $2 million
- Could be in first or second place
- No credit score rating is required
- No revenue is required
- Can shut in Trus, even irrevocable.
To study extra about our no-income test dwelling fairness line of credit score in New York, contact our workplace, and we’ll have a consultant see when you qualify.