What is a 125% home equity loan?
The is a second mortgage that allows you to borrow more than what your home is worth. You can borrow up to 125% of your home's value. This is an ideal loan for you if you have no equity in your home. If you have a VA or a FHA loan or want to payoff a second mortgage to get some extra cash this one is for you. Its generally tax deductible up to 100% of the value available of the house.
How does it works?
This is a FICO based program with a minimum of 640 middle fico score required. Presently there are no exceptions. For example, if your house is worth $100,000 then you would be allowed to borrow a combined total of $125,000 between your first and second mortgage.You have to be in the property for at least 6 months or to be a previous owner.
Why should I apply?
- Pay off credit cards,and other debt.
- Lower your payments by hundreds of dollars each and every month, and make only one easy monthly payment.
- Make home improvements, pay college tuition, or just take a vacation.
- Tax deductions ( please consult your CPA)
What is the criteria for this loan?
- FICO Scores 640 and above.
- Some Cash Out restrictions
- Loan amounts $30,000 and above
- For A Credit borrowers
- Bankruptcy 5 years discharged.
- Appraisal required for amounts above $35,000
- Six months in the property or a previous home owner.
