Standalone and Piggy Back HELOC 640 FICO Requirement

MKG Enterprises Corp TPO is please to offers HELOCs up to 85% LTV with 640 FICO score minimum loan amount $75,000 can be a standalone or Piggyback HELOC


Standalone HELOCs are a popular option for homeowners looking to access cash to consolidate and pay down debt, allocate money to home improvements, or cover life events.


Standalone HELOCs are available on primary and second home loans as 20-year loans, in amounts up to $350,000. 


A minimum 640 FICO score is required, as is a $25,000 minimum credit line, the initial draw must be 75% of the credit line. For line amounts up to $250,000, only an approved automated valuation model (AVM) is required. For amounts over $250,000, a full appraisal is required. 

Piggyback HELOCs allow qualified conventional borrowers to secure a new mortgage on the home while opening a home equity line simultaneously. This is an option for borrowers who want to split up a first and second mortgage to avoid mortgage insurance, or to keep their first in a conforming loan.


Piggyback HELOCs are available on primary and second home purchases, rate/term and cash-out refinances on conventional loans. Loan amounts can be up to $350,000, and a minimum 680 FICO score is required. The minimum line amount is $10,000 and the initial draw must be 75% of the line amount. For line amounts up to $250,000, an appraisal waiver is accepted with an approved AVM. 


Both the Piggyback and Standalone HELOCs are not applicable in Texas. 


Apply for a HELOC today

* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.