What is Combo HELOC?
Combo HELOC is a Combo Home Equity Line of Credit which is an open-ended line of credit that can be used for whatever the borrower chooses:
- Down payment towards the home purchase
- Home improvements
- Debt consolidation for refinances only
The Combo HELOC has a 10-year draw period, with minimum interest only payments and a 20-year repayment/amortization. This line of credit may only be used in conjunction with Conventional and Conforming loans.
- Funds are delivered by a convenience check mailed to the customer 3 weeks after closing, or with a VISA Card
- At closing, borrowers have the option for a full draw, partial draw, or zero draw
- Minimum line amount $7,500
- Maximum line amount $350,000
- 700 minimum FICO score required
- Available for both purchase and refinance
- $75 annual maintenance fee
- 18% life cap