Home Equity Line of Credit (HELOC)
The HELOC is a Home Equity Line of Credit
What is it?
This alternative to a cash-out refinance allows a borrower to use the equity in their home without refinancing their mortgage. An approved borrower is extended a line of credit that is secured by a residence— could be the borrower’s primary residence, non-owner occupied property, or a second home.
Why is it different from other mortgages?
First off, it isn’t a traditional mortgage, but instead, a line of credit that is secured by your home’s equity. If you are interested in our HELOC program reach out to your mortgage banker to discuss the amount available to you.
Talk to a loan officer to find out if this is the best option for you.
Being your own boss shouldn’t mean a backbreaking path to homeownership. Self-employed borrowers can relax with Stockton Mortgage’s bank statement program, with alternative documentation options of 12 or 24 months of bank statements.
Our conventional loans can be a fixed rate or adjustable rate mortgage. With a variety of down payment options, the minimum down payment requirement is 3%. There are also options that avoid mortgage insurance.
This loan program helps medical professionals qualify for a home loan, even with student loans and limited savings. Eligible borrowers include currently practicing medical professionals or those who’s employment will start within 90 days of closing.
The Federal Housing Administration (FHA) loan is a great option for borrowers without a large amount in savings.
Fresh Start Loan
Individuals recovering from a credit event should not be without the hope of homeownership. If you’ve had a recent bankruptcy (Chapter 7 or 13), foreclosure, deed-in-lieu, or short sale, ask one of our mortgage bankers about a Fresh Start.
Hobby Farm Home Loan
The Hobby Farm loan is for homes with 5 – 160 acres. Rural areas, non-contiguous parcels permitted. Not eligible for full time Farming operations. This program is good for customers looking for a place to have horses, hunting property, etc.
Investor Cash Flow Loan
With Stockton Mortgage’s Investor Cash Flow Loan, it’s never been easier to break into real estate investing. This program allows you to utilize the future income rental of a property to determine cash flow – meaning that if portfolio growth is a goal, the Cash Flow Loan could make it happen.
Stockton Mortgage offers solutions for people who have an Individual Tax Identification Number (ITIN) who are looking for a mortgage or wish to finance their existing mortgage. With our ITIN Loan Program, we may be able to utilize written verification of employment and bank statement payroll deposits in lieu of paystubs.
A great option for large loan amounts; too large for a conventional loan. Loan amounts up to $3 Million for owner occupied or $2 Million for second home. This program varies by state, please ask your mortgage banker for more information.
Low Down Payment, New Construction Loans
We offer new construction loans for VA, FHA and USDA Loans. These programs are good for customers that can’t find an existing home to purchase.