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