We provide no-income test loans for residence fairness traces of credit score (HELOC) in New York. Primarily, we lend in 5 boroughs; every little thing exterior the 5 boroughs wants an exception, an exception will be obtained if folks have reserves of their financial institution accounts, comparable to 401K’s, retirement funds, or every other liquid asset. The no-income test HELOC is supposed for many who are self-employed, unemployed, retired or don’t have a constant earnings stream to qualify for an earnings test HELOC. Once we say no earnings, we imply no earnings. We don’t state the earnings on the mortgage software; your entire course of is predicated 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 residence fairness does require reserves of 12 months for those who solely personal one property. If somebody has multiple property, the reserves solely go down to 6 months. The no-income test residence fairness line of credit score is for all occupancy sorts, together with major residence, second residence, and funding properties. As soon as once more, the utmost loan-to-value is 50%.
We do provide different no-income test applications, comparable to a financial institution statements program or a DSCR Heloc. Nonetheless, these explicit residence fairness traces of credit score merchandise require documentation comparable to financial institution statements or rental earnings to qualify for a mortgage, and the utmost loan-to-value for these non-QM residence fairness traces of credit score is 90% loan-to-value.
Max mortgage is $2 millionMay be in first or second placeNo credit score rating is requiredNo earnings is requiredCan shut in Trus, even irrevocable.
To study extra about our no-income test residence fairness line of credit score in New York, contact our workplace, and we’ll have a consultant see for those who qualify.
