Home Equity Loan (HELOAN)
Qualify more borrowers for a home equity loan with Quontic’s unique HELOAN options. We offer lite doc and full doc solutions to fit a wider variety of borrowers including conventional loan seekers and those who require alternative income documentation.
This information is provided for the benefit of Mortgage Professionals and not intended for Consumers or the general public.
Program Details
Lite Doc
Income Verification
- Self-employed: 12 Month CPA / accountant prepared P&L
- Salaried: Quontic VOE1 of current income only
- No tax returns or W2s required. Not a bank statement program.
Asset Verification
- 1 month bank statement (covering at least 30 days)
- Reserves:
Less than or equal to 65% CLTV = 0 months
Greater than 65% CLTV = 3 months - Cash-out proceeds cannot be used towards reserves; Reserves must come from borrower funds
Borrower Qualification
- Minimum 680 FICO score
- Up to 50% DTI2
Other Program Highlights
- CLTVs up to 75% CLTV
- 1-4 units, condos, PUDs
- Loan amounts up to $350,000 (minimum $100,000*)
- 15 or 30 year fixed
- Owner-Occupied & Second Home Properties
- Limited Title Policy Option Available
- AVM with a Exterior Only Appraisal Option Available
-
*Minimum loan amount for TX is $200,000
Full Doc
Income Verification
- Full verification required
- Standard Fannie Mae / Freddie Mac guidelines, which include pay stubs, W2s, and tax returns
Asset Verification
- Standard Fannie Mae / Freddie Mac guidelines
- No minimum reserve requirement
Borrower Qualification
- Minimum 680 FICO
- Up to 50% DTI (Primary), 45% (2nd/Investor)
Other Program Highlights
- CLTV up to 85%
- Loan amounts up to $500,000 (minimum $100,000)
- 15 Year and 30 Year Fixed Option
- No reserves required
- Primary Residence, 2nd Home & Investment
- Not Eligible for Properties located in Texas and Tennessee
Not an approved broker? Sign up now
Top uses for a HELOAN
- Finance large purchases
- Put a down payment on a second home
- Finance home improvements
- Pay for higher education costs
- Consolidate debt
Disclosure:
This information is provided for the benefit of mortgage professionals and not intended for consumers or the general public.
All lending products are subject to credit & property approval. Rates, program terms & conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions & limitations apply. Quontic Bank name & logo are registered trademarks. All rights reserved.
Information is accurate as of the date listed below and may change without notice.