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How do I qualify for the Home Ownership Accelerator™? |
Let's start with the most basic requirement. Where is the property located? Not every state is approved for this loan product..yet. The following states
allow the loan: AK, AL, AZ, CA, CO, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MD, MI, MN, MO, MT, NC, ND, NE, NJ, NM, NV, OH, OK, OR, SC, SD, TN, UT,
VA, WA, WI, WY. Whew, it would have been easier to list the states that DON'T currently offer the loan. Anyway, let's move on...
Next, there must have at least 10% equity in your home. In the current real estate market, this
requirement may be a problem. However, if you have been in your home for a while - say 3 or more years - there is a good chance you have accumulated
at least 10%.
You also must possess good credit. A 680 minimum FICO score. If you are acquiring a loan for more than $1 million, there is a minimum score
requirement of 720. Get Your Equifax Credit Report Now!
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The product is designed for mid to high priced properties. If you are looking for a loan less than $100,000, sorry, you will have to look elsewhere.
Same goes for people looking to finance properties over $1 million.
Specifications
Loan type: Adjustable rate line of credit, based on 1-month LIBOR index.
Adjustment period: monthly
Term: 30 years
Lifetime cap: 5% over start rate
Minimum credit line: $100,000
Maximum credit line: $1,000,000
Minimum down payment: as low as 10%
Minimum credit scores: 680
Withdrawals: ATM/Visa P.O.S. card with 8 surcharge-free ATM transactions per month at any ATM, checks, bill-pay, ACH, EFT.
Payments: Direct payroll deposit (required), EFT, ACH, Bank by mail.
Statements: Monthly. Online account access
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