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Home Equity Lending Matrices (HELOC)
Home Equity Lines of Credit
Release Date: 9/12/2022
Max HCLTV
Minimum FICO Owner 2nd Home Investment
Occupied
740+ 90% 80%
FICO / CLTV /
Occupancy Maximums 700-739 90% 80%
680-699 80%
Product Terms ? 30-year variable term (Index plus a margin)
? 10-year interest only draw period with a 20-year fully amortizing repayment period
Initial Draw ? Minimum $50k
Additional Draws ? Prohibited during the first 90 days following closing date
? Minimum $1000 not to exceed credit limit
Index ? Prime Rate as published in the WSJ on the 1st of the month, if there is a range published the highest rate will be used
Lifetime Rate Cap / ? Lifetime Cap = 18.00% unless prohibited by law
Floor ? Floor Rate = 4.00%
? Max 45% DTI
Debt to Income ? 30 year, fully amortized payment based on start rate + 2% and the total credit limit used to qualify
? Minimum Line amount $50,000
Line Amount ? Maximum Line Amount $500,000
? **Owner Occupied max total financing is limited to $3,000,000 (total amount of 1st and 2nd lien combined)**
? **2nd Home max total financing is limited to $2,000,000 (total amount of 1st and 2nd lien combined)**
Occupancy ? Owner-Occupied
? Second Homes
? Final Approval from first lien lender showing all conditions met
? Final Closing Disclosure from first lien to confirm final CLTV and DTI calculation
? Title policy from first lien transaction should be used and must include title insurance/CPL/Wire Instructions
? Use of existing appraisal from first lien is acceptable subject to collateral desk review (CDA) *See Appraisal Requirements
section below
? Agreement of sale on purchase transactions
Piggyback Additional Correspondent Only:
Requirements ? Final DU/LP Findings are required to be provided from the 1st mortgage lender (If no DU/LP Findings are provided,
Re
guidelines will follow Spring EQ's Home Equity Underwriting Guidelines).
Wholesale Only:
? Spring EQ to perform closing agent validation audit prior to closing
? Initial and Final DU/LP Findings are required to be provided from the 1st mortgage lender (If no DU/LP Findings are
provided, guidelines will follow Spring EQ's Closed End Home Equity Guidelines).
? Loan Amounts < $250,000 any of the following options are permitted:
o AVM with exterior property inspection with the following requirements:
Max 90% CLTV
Correspondent Only: See Seller Guide for AVM eligibility & Approved Vendors
o Prior Use Appraisal (See below requirements)
o Drive By Appraisal
Wholesale Only: Spring EQ to order with UW Approval
Correspondent: Must be ordered through the following Approved Vendors & Products: Accurate
o Full Interio
Group - Valunet Plus, Valuation Connect - Equity Connect Report (ECR)
r Appraisal (1004/1025/1073)
Appraisal ? Loan amounts >= $250,000
quirements o Full Interior Appraisal (1004/1025/1073)
o Prior Use Appraisal (See below requirements)
? Recertification of a prior use appraisal is acceptable when the following requirements are met:
o Report has been completed within 12 months of settlement date
o Current appraisal provided must be on form 1004(Single family), 1025(multi-family), or 1073(Condo)
o Original Appraisal must be "AS IS"
o A Desktop Review and Property Condition Report are required and will be ordered by Spring EQ to validate any
use of a prior use appraisal
Desktop Review Risk Score must be low or moderate with no additional review recommended by
D
reviewer
esktop Review commentary contains no comments that adversely impact value, marketability, or
Home Equity Lending Matrices (HELOC)

condition of the property

Desktop Review Home Data Index must support either a neutral or increasing market trend
Wholesale Only: CDA & PCI will be ordered by Spring EQ to validate the use of an existing appraisal
o CLTV will be calculated as the lower of the Purchase Price/Desktop Review value or the appraised value
Wholesale Only:
When a full appraisal is required, the order is to be placed by Broker https://www.clearcapital.com/spring-eq/ and may not be
ordered until the borrower has e-signed their intent to proceed.
? Refer to Spring EQ Home Equity Underwriting Guidelines for comprehensive list of income
types
? Income calculation must comply with all Appendix Q requirements as required in the ATR Final Ruling
Self-Employed
? For Self-Employed borrowers the following documentation will be required for qualification:
o Most Recent 2 Years Personal and Business Federal Tax Returns along with transcripts (with the most recent
year not being older than 2020)
o YTD Profit and loss and balance sheet for the most recent month end preceding the application date
o Tax Transcripts
*For example, if you have an application date of 8/10/2021, the P&L and Balance sheet must be inclusive of the
Income business activity thru 7/31/2021
o Declining Income:
Income declining more than 20% is now permitted with the following requirements
? Most recent 12-month average must be used to calculate the income
? DTI cannot exceed 40%
*Note declining income requirement is limited to self-employed borrowers only and is not intended to be applied
when variable bonus/commission income is used
Wholesale Only:
? Tax Transcripts are required unless income is validated using an automated VOI such as WorkNumber (etc)
? Senior liens with high-risk features which can include, but are not limited to:
o Loans in active forbearance or deferment
o Negative Amortization
o Balloon, if the balloon payment becomes due during the amortization period of our new 2nd lien
Ineligible Senior Lien **Balloon terms that resulted from a modification are acceptable so long as all requirements in the modification
section are met
o Reverse Mortgages
o Interest Only Mortgages
o Private Mortgages opened within the past 12 months
? Expiration Dates are based on the Note Date of the Loan:
o Credit Documents (Income/Asset/Credit report) - 60 Days
o Collateral - 90 days
Age of Documents o Title - 90 Days
o Appraisal - 90 Days
For Appraisals > 90 Days, Recertification of the original Appraisal is required
? The credit score used to qualify will be based on a single Experian (version 8) repository score - The lowest of all
borrowers' scores
? A credit score must be available; non-traditional credit not permitted
Credit Score Correspondent Only:
? Tri-Merge Credit Score meeting GSE guidelines will be acceptable
? Lender may only choose Experian 8 or Tri-Merge on setting up of relationship
? Minimum of three trade lines are required for all borrowers that are contributing income to qualify. At least one trade line
Trade lines must be open and active for the past 12 months.
? A current mortgage paid as agreed for past 36 months will override the minimum trade line requirement
? Max 0x30x24 inclusive of all mortgages and all REO for all borrowers on the transaction (No late payments in the past 24
months)
Housing History ? For Purchase transactions 12 months rental history verification is required
? IF VOM/VOR is from a private party, cancelled checks or bank statements are required
? The first mortgage loan cannot be in any active deferment or forbearance period. Once the deferment or forbearance
period has expired, a minimum of three-monthly payments at the current payment must be documented
Employment/Income ? Piggybacks: Follows DU/LP findings; however, they must adhere to current Fannie Mae income/employment requirements
Verification ? Standalones: Will follow Spring EQ's Home Equity Underwriting Guidelines
? Measured from the Disbursement Date
? Period of time that must elapse prior to loan eligibility is as follows:
Significant Derogatory o Foreclosure - 7 years
Credit o Charge-Off of a Mortgage Account, Deed-in Lieu, Pre-foreclosure Sale or Short Sale - 4 years
o Restructured or Short Payoff of a mortgage secured by a property other than the subject- 4 Years
o Chapter 7 or 11 Bankruptcy - 4 years from discharge or dismissal
Home Equity Lending Matrices (HELOC)
o Chapter 13 Bankruptcy- 2 years from discharge or 4 years from dismissal
? Multiple events within the past 7 years are not permitted and both events must be greater than 7 years
? No seasoning is required subject to the following:
Seasoning o Seasoning 0-6 Months - Must use the lower of the purchase price or appraised value
o Seasoning > 6 Months - May use appraised value
? Paying off debt to qualify is permitted (Paying down debt to qualify is not permitted)
Liabilities ? Lease payments are not permitted to be excluded
? Student loan - 1% of the balance is used to calculate the payment to qualify when there is no payment reporting
? Cooperatives
? Condotels (Refer to the Non-Warrantable Condo)
? New Construction Condominium Projects
? Hotel/Motel Condominiums
? Mobile Homes
? Manufactured Housing
Ineligible Property ? Commercial Operations
Types ? Geodesic Domes
? Working farms and ranches
? Unimproved Land
? Properties with >20 Acres
? Timeshares
? Leasehold
? 2-4 Unit Properties
? Properties listed for sale in the past 12 months
? Single Family
Eligible Property ? PUDs
? Modular homes (as defined by Fannie Mae)
Types ? Condominiums
? Established projects only
Condominiums ? Online search for no condotel or short-term rental
? If Master Condominium insurance policy does not contain walls-in coverage, an H06 policy is required
? Loan amount less than $250,000: Owner and Encumbrance Property Report
? Loan amount greater than or equal to $250,000: Full Title is required
Wholesale Only:
? Spring EQ to order all title work
? For piggyback transactions:
Title Insurance o Title insurance and CPL are required for the Spring EQ proposed loan
o Spring EQ requires risk review to be completed by Secure Insight to validate the settlement agent
(Mtgee Clause- Spring EQ LLC, ISAOA/ATIMA, 100 W Matsonford Rd Bldg 5 Ste 100, Radnor, PA 19087-4559)
Correspondent Only:
? For piggyback transactions:
o Title insurance and CPL are required
? Existing coverage amount must be equal to the lesser of the following:
Homeowners o 100% of the insurable value of the improvements, as established by the property insurer; or
Insurance o the unpaid principal balance of the all existing liens against the subject property, plus the new HELOC Max Line
Amount
? UCC Filings do not need to be calculated in the CLTV with the following documentation:
? Copy of account statement to ensure obligation is accounted for in the DTI if not reporting on credit
Solar Panel UCC
**NOTE: UCC filings that are paid through tax assessments (such as HERO and PACE loans) are not eligible and must be
paid in full with proceeds.**
? Non-Occupant co-borrowers are not permitted
Ineligible Borrowers ? Vesting is not permitted to be in the name of an LLC, corporation, or partnership
? Power of Attorney is limited to Piggyback Purchases only and must follow GSE Requirements
? Irrevocable Trusts are not permitted
Assumptions ? Loans are not assumable
Prepayment Penalty ? Not permitted
? Not permitted
Escrows
? 1st, 2nd Liens
? 1st Lien only available in the following states:
o AL, AZ, CA, CO, CT, DE, FL, GA, IA, IL, KS, KY, MD, ME, MI, MN, MS, NC, NH, NJ, OH, OK, OR, RI, SC, TX, VA,
Retail Lien Positions & VT, WI
States o 1st Lien HELOC Not Allowed in the Following State: PA, TN
o 1st Lien HELOC can not be used for Purchase Transactions
? 2nd Lien available in all states except
o AK, HI, ID, MA, MO, ND, NV, NY, SD, WA, WV, WY, UT
? 1st, 2nd Liens
Wholesale Lien ? 1st Lien only available in the following states:
Positions & States o AL, AZ, CA, CO, CT, DE, FL, GA, IA, IL, KS, KY, MD, ME, MI, MN, MS, NC, NH, NJ, NV, OH, OK, OR, RI, SC, TX,
UT, VA, VT, WI


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