A home equity line of credit, or HELOC, provides a revolving credit line secured by your property. During the draw period, you can borrow as needed up to your available limit, repay funds, and borrow again according to your loan terms. A HELOC may be useful for ongoing home improvements, expenses spread over time, or financial needs where the final cost is uncertain.
- Credit lines up to $750,000.
- Minimum credit score of 680.
- Digital application options with approval decisions potentially available in minutes and closing in a few days for qualifying applications.
- Flexible income documentation options, depending on the program.
HELOCs typically have variable interest rates. Payments depend on your balance, interest rate, and repayment terms, and may increase when the draw period ends.
HELOAN: Receive Your Funds in One Lump Sum
A home equity loan, often called a HELOAN, provides a lump sum secured by your property. It can be a practical option when you know how much you need for a renovation, debt consolidation, or another major expense.
- Loan amounts from $75,000 to $850,000.
- Credit scores starting at 660.
- CPA-prepared profit-and-loss statements accepted through eligible HELOAN programs.
- Additional documentation options for employed and self-employed borrowers.
Income Documentation
- Full documentation: Traditional verification of income and employment.
- Bank statements: An alternative way to evaluate qualifying income for eligible self-employed borrowers.
- 1099 documentation: Options for eligible independent contractors and other borrowers receiving 1099 income.
- CPA-prepared profit-and-loss statements: Available for qualifying HELOAN applications only.
Home Equity Program Highlights
- Up to 90% combined loan-to-value (CLTV).
- Debt-to-income ratios up to 50%.
- No reserve requirement on eligible programs.
- Credit qualification that may use the higher middle credit score of the highest wage earner, subject to program rules.
- Alternative property valuation options on eligible loans of $400,000 or less, potentially including an automated valuation, drive-by appraisal, or desk review.
Options for Different Arizona Properties
- Primary residences.
- Second homes.
- Non-owner-occupied investment properties.
- Two- to four-unit properties.
- Condominiums.
- Modular homes.
- Rural properties.
Explore Your Arizona Home Equity Options
Tell us about your property, current mortgage balance, and how much you would like to borrow. We will help you review available HELOC and HELOAN programs, documentation options, and next steps.
Contact us to discuss your scenario or request a home equity review.