Posts

HELOCs Fading; Jumbo Rates Way Higher; FAQs

Two of the nation’s largest banks announced that they will no longer originate new Home Equity Lines of Credit (HELOCs). This is of course in response to the COVID-19 crisis. We still offer HELOCs but only to 90% Combined Loan to Value (95% CLTV no longer exists) and only for purchase money financing. In Texas, […]Read More

Fat Down Payment – Equity Line After Close To Reclaim Liquidity

We had two borrowers this week have to drain every penny of their substantial stashes of liquid funds in order to make their offers more competitive. Large down payments of course allow us to push files through underwriting faster, and they often make appraised value (and appraisals) a non-issue. We reminded both borrowers they would […]Read More