Deephaven Mortgage, a Charlotte, North Carolina-headquartered non-QM lender, has launched its Equity Advantage HELOC product that includes an option for self-employed borrowers to qualify based on 12 months of personal or business bank statements in lieu of tax returns.
Deephaven’s Equity Advantage HELOC solution covers loan amounts from $50,000 to $400,000, with a 50% DTI and a maximum CLTV of 90% for primary residences, 85% for secondary residences, and 75% for investment properties. The product requires a minimum FICO of 660 for primary and secondary homes, and 700 for investment properties.
“The home equity market remains strong,” said Tom Davis, chief sales officer at Deephaven Mortgage. “US homeowners have more than $11 trillion in tappable equity; trillions of dollars more in credit card, automobile and student loan debt; and a need to renovate their aging homes. Our bank statement HELOC helps Deephaven’s partners respond, with alternative documentation options for underserved borrowers such as the self-employed.”
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