We’ve had some people email us asking for Home Ownership Accelerator loan specifications. Here’s what we know:
Home Ownership Accelerator Specifications
Loan type
Adjustable rate line of credit, based on 1-month LIBOR index.
Adjustment period
monthly (three and five year rate caps are now available)
Term
30 years
Lifetime cap
5% over start rate (1% rate caps are now available)
Minimum credit line
$100,000
Maximum credit line
$2,500,000
Minimum down payment
As low as 10%
Minimum credit scores
680 FICO (excellent credit)
Withdrawals
ATM/Visa P.O.S. card with 8 surcharge-free ATM transactions per month at any ATM, checks, online bill-pay, ACH, EFT.
Payments
Direct payroll deposit (required), EFT, ACH, Bank by mail.
Statements
Monthly. Online account access.
