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