heloc

HELOC FINANCING

The HELOC is a home-secured revolving line of credit available to qualified homeowners. It features a 5-year draw period and a maturity period of 15 years (for credit limits ≤ $25,000) or 30 years (for larger credit limits). Borrowers access the upfront draw via a cash out and subsequent draws through cash outs, balance transfers and card purchases.

Online Application

Please NOTE this

You need to draw the full line upfront

Cannot be paid down more than 90% the first 4 months.

It is a true revolving line of credit secured by the home. The mandatory initial full-draw funds a fixed-rate Aven Simple Loan; once that balance is reduced, the borrower can redraw against the line via cash outs, card purchases or balance transfers.

If you just want to have the HELOC as security, this one is not for you

Highlights

Up to

89% Loan to value

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■

Owner Occupied
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Less than $100k loan

Intial Draw

100%

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100% drawn at time of origination
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Cannot be paid down more than 90% the first 4 months

Max Loan

$400k

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Primary
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740+ score

Occupancy	Max Loan Amount	MAX CLTV	SCORE	DTI
Primary	$400k	85%	740+	50%
Primary	$300k	85%:	700-739	50%
Primary	$100k	89%	700+	55%
Investment	$250k	70%	720+	45%
Primary	$150k	75%	620-700	50%

Occupancy

Max Loan Amount

MAX CLTV

SCORE

DTI

Primary

$400k

85%

740+

50%

Primary

$300k

85%:

700-739

50%

Primary

$100k

89%

700+

55%

Investment

$250k

70%

720+

45%

Income & Employment

Income & Employment

Q. Which employment types are accepted?
A. Salaried, self-employed, retired, and other (e.g., Social Security, pension, 401(k) distributions).

Q. What income periods must be verified?
A. Requires one of the following to be considered verified:
• YTD (current year income, projected from demonstrated income in the last 30 days)
• Y-1 (full prior year's income). Y-2 may be substituted during early months of the year when Y-1 is not yet available in tax returns or transcripts.

Generally collects documentation covering 12+ months of income.