Angel Oak Mortgage Solutions LLC, an Atlanta headquartered nonbank wholesale and correspondent non-qualified mortgage lender, has launched the Angel Oak Bank Statement Home Equity Line of Credit (HELOC) product.
According to the company, the new product allows self-employed homeowners to tap into their home equity while retaining their first mortgage. Borrowers are qualified based on trailing 12- or 24-month bank statements, and the product offers a line of credit with no restrictions on usage, similar to traditional HELOC offerings. Borrowers can also qualify for this product with owner-occupied homes, second homes or investment properties.
“Angel Oak’s commitment to alternative mortgage solutions has allowed us to establish our reputation as a leader and innovator within the non-QM industry,” said Tom Hutchens, executive vice president of Production for Angel Oak Mortgage Solutions. “Bringing our new Bank Statement HELOC product to the market is a testament to our dedication to meeting the evolving needs of borrowers nationwide. The introduction of this product and the growth of our team position our firm to better support the originators and borrowers we serve while scaling our services to align with the momentum in the market.”
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This will be a good program for self-employeed people, although the rate is very important and HELOC terms should be announced clearly.
It will be successful program if the rate is right!!