Georgia- HELOC or Heloan for primary Sfh

[Wendy S.]

Hi All

I'm in Goergia and trying to find the best lenders offering high LTV on primary residence as well as investment properties.

Hoping for 90% LTV on Primary ( found 89.99% via Discover) and 75/80% on investment. Please clarify whether it's a HELOAN or HELOC, thanks. Also, does the initial draw have to be the full amount like a HELOAN even though the product might say HELOC?

Thanks.

[Evan Alterman]

I do quite a few HELOANs for clients. The 2 biggest deciding factors between the 2 for my clients are usually income type (full doc, bank statement, P+L, DSCR), and then how soon are they going to be needing to use the funds. If they're using the funds right away, usually the HELOAN makes more sense since they don't need to worry about being able to pay down the credit line and have it available later. Income doc type is going to be all but automatic one way or the other. While HELOCs do exist for bank statement income, the pricing is rough and a HELOAN is priced much better. If they need a P+L or DSCR 2nd, then HELOAN is the only option.

For the cookie-cutter full doc borrowers, Figure is a perfect option. Anything straying from that super simple income, there are definitely some great HELOAN products that can close in around 10-14 days as Jason mentioned.