Deephaven Mortgage launches Equity Advantage HELOC

"Per a release from the North Carolina-based company, the standalone HELOC allows an option for self-employed borrowers to qualify using 12 months of personal or business bank statements instead of tax returns. Deephaven manages the lending process from disclosure to funding. Like Deephaven's previously released Equity Advantage Closed-End Second product, the new bank-statement HELOC allows borrowers to pay down debt, renovate homes or invest in real estate without giving up existing low-rate mortgages."

"The home equity market remains strong, Tom Davis, Deephaven's chief sales officer, said in a statement. U.S. homeowners have more than $11 trillion in tappable equity; trillions of dollars more in credit card, automobile and student loan debt; and a need to renovate their aging homes. Our bank statement HELOC helps Deephaven's partners respond, with alternative documentation options for underserved borrowers such as the self-employed."

"The Equity Advantage HELOC offers loan amounts ranging from $50,000 to $400,000 and allows debt-to-income ratios up to 50%. Maximum combined loan-to-value ratios are 90% for primary residences, 85% for secondary homes and 75% for investment properties. Borrowers can qualify using 12 months of personal or business bank statements, or provide full documentation. The product features a variable interest rate with a five-year interest-only draw period, a 30-year maturity and a 25-year amortization term."

Deephaven launched a standalone Equity Advantage HELOC that permits self-employed borrowers to qualify using 12 months of personal or business bank statements instead of tax returns. Deephaven manages the lending process from disclosure to funding. The HELOC enables borrowers to pay down debt, renovate homes, or invest in real estate while keeping existing low-rate mortgages. U.S. homeowners hold more than $11 trillion in tappable equity alongside large credit card, auto and student loan balances and renovation needs. The product offers $50,000–$400,000 loans, DTI up to 50%, CLTVs to 90% (primary), variable rates with a five-year interest-only draw, 30-year maturity, and minimum FICO scores of 660–700.

Read at www.housingwire.com