Lite Doc HELOAN
Qualifying your borrowers for a HELOAN doesn’t have to include documentation hurdles. Our Lite Doc HELOAN is a unique second mortgage program with flexible income documentation. Your borrowers can tap into their home’s equity, without the need for W2s or tax returns, to finance major projects or one-time expenses.
This information is provided for the benefit of Mortgage Professionals and not intended for Consumers or the general public.
Program Details
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) for each asset used to qualify income
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Reserves:
Less than or equal to 65% = 0 months
Greater than 65% = 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
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*Minimum loan amount for TX is $200,000
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Top uses for Lite Doc HELOAN
- Finance large purchases
- Put a down payment on a second home
- Finance home improvements
- Pay for higher education costs
- Consolidate debt
For more information on the types of borrowers that may benefit from a Lite Doc HELOAN mortgage, check out this article.
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.
April 10, 2024
1 VOE stands for Verification of Employment
2 Debt-to-Income
Inc. 5000 is a registered trademark of Mansueto Ventures LLC. B&T is an abbreviation for Banker & Tradesman, which is a copyright of The Warren Group. Zillow is a registered trademark of Zillow, Inc.