First Lien HELOC
Are you looking for a smarter way to leverage your home equity without the rigidity of a traditional mortgage? Our First Lien Home Equity Line of Credit (HELOC) combines your primary mortgage and a revolving line of credit into one powerful financial tool.
Why Choose a First Position HELOC?
Unlike a standard second mortgage, a First Position HELOC replaces your existing mortgage entirely. This allows you front-of-the-line access to your home's value with simplified monthly payments and enhanced liquidity.
Key Program Highlights:
For properties with no current mortgage
Free And Clear
High Leverage
Access up to 90% Loan-to-Value (LTV) to maximize your available cash.
Flexible Income Qualification
We offer Bank Statement Income and Asset Depletion programs, perfect for self-employed borrowers or retirees.
Lower Entry Barriers
Qualify with a 640 minimum FICO score.
Debt Consolidation
Combine high-interest debt and multiple mortgages into one interest-only payment during the draw period.
No Monthly 'Hidden' Costs
Enjoy No Private Mortgage Insurance (PMI) and No Prepayment Penalties.
HELOC Estimator
Assumes full line utilization at the stated interest rate.
Apply for your HELOC
Tell us about you and the property. Your HELOC figures from the calculator above are included automatically.
Application received
First Lien HELOC Product Matrix & Guidelines
Exclusive Florida Lending Program • Keyword-Rich Underwriting Guide
| Occupancy Type | FICO Score | Units | Max LTV |
|---|---|---|---|
| Primary Residence | 680+ | 1 Unit | 90% (Condo restricted to 80%) |
| Primary Residence | 640 - 679 | 1 Unit | 80% |
| Primary Residence | 680+ | 2 Units | 90% |
| Primary Residence | 680+ | 3-4 Units | 75% |
| Second Home | 680+ | 1 Unit | 90% |
Draw Period
10 Years interest-only payments during draw period based on a 20-year amortization schedule.
Repayment Period
20 Years principal and interest repayment period.
Interest Rate & Index
Prime Rate Index + Risk-Based Margin. Floor rate at 4.95% with annual caps of 2% and 18% lifetime cap.
Loan Amount Limits
Minimum: $100,000 up to Maximum $750,000 (subject to FICO and LTV limits).
Florida Condominiums
All Florida Condos are restricted to a maximum 80% LTV.
Miami-Dade County Condos
Miami-Dade County condos valued > $1,000,000 are restricted to a maximum 70% LTV.
Prepayment & Fees
No prepayment penalty. Standard origination fee ($495) and processing fee ($100) apply.
| Parameter | Requirement / Guideline |
|---|---|
| Minimum FICO | 640 Minimum Credit Score required |
| Max Debt-to-Income (DTI) | 45% Maximum Housing / Debt Ratio |
| Credit History & Lates | 0x30 in the last 24 months. Triple merge credit report required (valid for 45 days). |
| Employment & Income | 2-year employment history verification; standard Fannie Mae income verification or 1-year signed tax return for self-employed borrowers. |
| Bank Statement Option | 12 or 24 months personal/business bank statements available for self-employed borrowers (Max loan $500,000, Max 65% LTV). |
Frequently Asked Questions
What is the difference between a first and second lien HELOC?
The main difference is priority position. A first lien HELOC replaces your original mortgage, becoming the primary debt on the property. A second lien HELOC sits 'behind' your existing mortgage and often carries higher interest rates.
Can I use bank statements to qualify for a HELOC?
Yes. Our customized underwriting allows for Bank Statement Income. This is an ideal solution for business owners or those with unconventional income who may not have traditional tax returns. The Max LTV is 65%.
Is a First Lien HELOC better than a cash-out refinance?
It depends on your need for flexibility. A cash-out refinance provides a lump sum with a fixed payment, whereas a HELOC is a revolving line. You only pay interest on what you actually draw, making it a more efficient tool for ongoing projects or emergency funds.