We supply no-income test loans for dwelling fairness strains of credit score (HELOC) in Washington. Primarily, we lend in main metropolitan areas; every little thing exterior these areas wants an exception, which could be obtained. The exception could be granted if folks have reserves of their financial institution accounts, corresponding to 401Ks, retirement funds, or every other liquid asset. The no-income test HELOC is 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 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 are not any late funds on the credit score report. The no-income test dwelling fairness does require reserves of 12 months should 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 sorts, together with major residence, second dwelling, and funding properties. As soon as once more, the utmost loan-to-value is 50%.
The TRUE NO INCOME HELOC is accessible in Washington, however solely in these counties. We provide different sorts 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 test packages, corresponding to a financial institution statements program or a DSCR HELOC. Nonetheless, these specific dwelling fairness strains of credit score merchandise require documentation corresponding 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 Belief, even irrevocable.
To study extra about our no-income test dwelling fairness line of credit score in Washington, contact our workplace, and we’ll have a consultant see should you qualify.