Per
a
release
from
the
North
Carolina-based
company,
the
standalone
HELOC
allows
an
option
for
self-employed
borrowers
to
qualify
using
12
months
of
personal
or
business
bank
statements
instead
of
tax
returns.

Deephaven
manages
the
lending
process
from
disclosure
to
funding.

Like
Deephaven’s
previously
released
Equity
Advantage
Closed-End
Second
product,
the
new
bank-statement
HELOC
allows
borrowers
to
pay
down
debt,
renovate
homes
or

invest
in
real
estate
without
giving
up
existing
low-rate
mortgages.

“The
home
equity
market
remains
strong,”

Tom
Davis,
Deephaven’s
chief
sales
officer,
said
in
a
statement.
“U.S.
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.”

The
Equity
Advantage
HELOC
offers
loan
amounts
ranging
from
$50,000
to
$400,000
and
allows
debt-to-income
ratios
up
to
50%.
Maximum
combined
loan-to-value
ratios
are
90%
for
primary
residences,
85%
for
secondary
homes
and
75%
for
investment
properties.

Borrowers
can
qualify
using
12
months
of
personal
or
business
bank
statements,
or
provide
full
documentation.
The
product
features
a
variable
interest
rate
with
a
five-year
interest-only
draw
period,
a
30-year
maturity
and
a
25-year
amortization
term.
Minimum


FICO
scores
are
660
for
primary
and
secondary
homes
and
700
for
investment
properties.