Veronica G

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  • Home Ownership Types

    Ownership must be fee simple or leasehold in name of individual(s) or inter vivos revocable trust.The following entities are prohibited:Limited Liability Company (LLC)CorporationPartnershipIrrevoca...

  • Funding of HELOC

    Once your have finalized the closing with the Notary, your rescission period will begin the following business day.For primary residences properties – there is a three (3) day rescission period for...

  • HELOC Draw Terms and Structure

    Minimum 75% initial draw disbursed at closing.5-year interest-only draw period; 25-year repayment period (fully amortizing).NOTE: Tennessee Exception: 5-year interest-only; 10-year repayment period...

  • State Specific Information

    NY, RI, DC, IL, MA, UT, NM, DE, HI, OH CLTV cap dependent on credit score Tennessee CLTV cap dependent on credit score Draw Terms and Structure: 5-year interest-only; 10-year repayment period Texas...

  • Significant Derogatory & Credit Events

    Bankruptcy (Chapters 7, 11, 13)Four years from the discharge or dismissal dateForeclosure / Deed-in-Lieu / Short SaleSeven years from the discharge datePre-Foreclosure/Deed-in-Lieu/Short SaleFour y...

  • Trust Agreement Requirements

    Inter vivos revocable trusts, also known as Living Trusts, are eligible for origination. We must obtain copies of the trust or trust certification and include them in the loan file. A review of the...

  • Eligible Borrowers

    United States Citizens United States Citizens are individuals born in the United States, Puerto Rico, Guam, Northern Mariana Islands, Virgin Islands, American Samoa, Swain’s Island. Permanent Resid...