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An equity-based program may qualify an eligible property primarily from its collateral and available equity rather than traditional income or debt-to-income calculations.
This type of financing should begin with a realistic exit strategy, such as sale, refinance or another documented source of repayment. Interest-only payments do not reduce principal.
Potentially eligible properties may include owner-occupied homes, second homes, investments, one-to-four-unit residences and condos. Credit, value, lien position, title and the complete transaction remain subject to underwriting.
The source program described equity-based qualification without income or DTI, credit scores beginning at 600 and loan amounts up to $5 million. Those features are not guarantees and may carry materially different rates, fees and risks from long-term mortgage financing.
Frequently asked questions
Short-term interest-only financing does not reduce principal, so the borrower needs a realistic way to repay through sale, refinance or another documented source.
No. It can have different terms, costs, risks and underwriting. It should be compared carefully with longer-term financing alternatives.
General information is useful. A mortgage professional can help you evaluate the facts that apply to you.
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