Flexible Home Equity Financing with Competitive Terms
Unlock the equity in your home with a flexible Second Lien HELOC designed for homeowners looking for cash access without refinancing their current first mortgage. Whether you are planning home renovations, consolidating debt, funding investments, or covering major expenses, this HELOC program offers high combined loan-to-value options, competitive variable rates, and flexible qualification guidelines.
This program features interest-only payments during the draw period, loan amounts up to $750,000, and Combined Loan-to-Value (CLTV) ratios up to 95% for qualified borrowers.
What Is a Second Lien HELOC?
A Second Lien Home Equity Line of Credit (HELOC) allows homeowners to borrow against the available equity in their property while keeping their existing first mortgage intact. Instead of refinancing your current mortgage rate, this option provides a revolving line of credit secured by your home. Borrowers can draw funds as needed during the 10-year draw period and repay over a 20-year repayment term.
Benefits of a Second Lien HELOC
Keep Your Low First Mortgage Rate
If you already have a favorable first mortgage interest rate, a second lien HELOC allows you to access equity without replacing your existing loan.
Flexible Access to Cash
Borrow only what you need, when you need it, during the draw period.
Interest-Only Payment Option
Enjoy lower monthly payments during the draw period with interest-only payment flexibility.
Ideal for Home Renovations
Perfect for kitchen remodeling, bathroom upgrades, roof replacement, pool installation, property improvements, and investment property upgrades.
Debt Consolidation
Consolidate higher-interest credit cards or personal loans into one manageable payment.
Second Lien HELOC Program Highlights
- Loan amounts from $100,000 up to $750,000
- CLTV up to 95% for qualified borrowers
- Interest-only payments during draw period
- 10-year draw period
- 20-year repayment period
- No prepayment penalty
- Available for primary residences and second homes
- 1-4 unit properties eligible
- Warrantable condos eligible
- Prime-based variable interest rate
- Annual rate adjustment caps of 2%
- Lifetime rate cap of 18%
- Minimum FICO score of 640
- Manual underwriting for flexible approvals
- Bank statement income option available for self-employed borrowers
Self-Employed Borrower Friendly
Bank statement programs available for qualified self-employed borrowers using 12 or 24 months of bank statements instead of tax returns. Up to 65% CLTV.
Whether you need funds for renovations, debt consolidation, real estate investing, or major life expenses, this program provides flexible access to your home equity.
Eligible Property Types
Eligible
- Primary residences
- Second homes
- Single-family homes
- 2-4 unit properties
- Townhomes
- Planned Unit Developments (PUDs)
- FNMA warrantable condos
Ineligible
- Investment properties
- Manufactured homes
- Co-ops
- Leasehold properties
HELOC Qualification Requirements
- Minimum FICO: 640
- Maximum Loan Amount $100k-$750k
- Occupancy: Primary residences & Second homes
- Debt-to-Income Ratios: Up to 45% DTI
- Reserve Requirements: Varies
- Self-Employed Options: Tax return income: Bank statement income programs, Asset depletion options
Bank Statement HELOC Program
Self-employed borrowers may qualify using bank statements instead of traditional tax returns.
Program Features
- 12 or 24 months bank statements
- Up to $500,000 loan amount
- Minimum 680 FICO
- Maximum 65% CLTV
- Business or personal bank statements accepted
This option is ideal for business owners, independent contractors, 1099 earners, entrepreneurs, and real estate professionals.
Asset Depletion HELOC Program
Qualified borrowers may use liquid assets for income qualification.
Eligible Assets Include
- Retirement accounts
- Investment accounts
- Inheritance proceeds
- Unrestricted stock
- Real estate sale proceeds
Why Homeowners Choose This HELOC Program
- High leverage options
- Flexible underwriting
- Competitive rates
- Interest-only payments
- Self-employed borrower solutions
- Fast access to equity
- No refinance of first mortgage required
HELOC Estimator
Assumes full line utilization at the stated interest rate.
Frequently Asked Questions
What is a second lien HELOC?
A second lien HELOC is a revolving line of credit secured by your home that sits behind your first mortgage.
Can I keep my current mortgage?
Yes. This program allows you to keep your existing first mortgage intact.
What is the maximum CLTV?
Qualified borrowers may obtain up to 95% CLTV.
Can self-employed borrowers qualify?
Yes. Bank statement and asset depletion options are available for qualified self-employed borrowers.
Are condos eligible?
Yes, warrantable condos are eligible, including Florida condos with certain CLTV restrictions.