What is Combo HELOC?
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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:
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Down payment towards the home purchase
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Home improvements
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Debt consolidation for refinances only
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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.
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Funds are delivered by a convenience check mailed to the customer 3 weeks after closing, or with a VISA Card
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At closing, borrowers have the option for a full draw, partial draw, or zero draw
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Minimum line amount $7,500
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Maximum line amount $350,000
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700 minimum FICO score required
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Available for both purchase and refinance
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$75 annual maintenance fee
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18% life cap