The Macquarie Asset Manager is a first position Line of Credit, so first of all, you will need to apply for the loan. In order to qualify for a line or credit it's best to have some equity built up, however, the Macquarie Asset Manager does allow Loan to Value ratios of up to 100%.

In order to utilize the loan to it's full potential, good to excellent credit is helpful because the lower the interest rate you can qualify for, the lower the total interest you will pay over the life of the loan. The minimum credit score required for the loan is 660.

One difference between the Home Ownership Accelerator and the Macquarie Asset Manager is the fact that the HOme Ownership Accelerator requires you to have direct deposit. The Maquarie Asset Manager does not require direct deposit, however, the sooner money is deposited into the account, the quicker it can start working for you by keeping you loan balance down.

Specifications

Macquarie Asset Manager™ (for a first residential lien)
ARM Index Prime / 1-mo LIBOR
Caps/Margin 8% over start rate for first 5 years
Max Loan to Value (LTV) 100% Annual Fee $60
Interest Only Period 10 years
Min/Max Credit Line $75,000 / $2 million
Minimum FICO Score 660
Direct Deposit of Income Required No
Checking Account Combined? Yes, LOC may be paid down and checks written against the LOC
Access to funds? Checks

Qualifications