First Tech Federal Credit Union

Basic information

QM program

N/A

Loss payee

Loan# First Tech Federal CU ISAOA PO Box 702747 Dallas, TX 75370

CPL or subordinate clause

N/A

Lock policies & fees

Lock policies

Lock extension

You can extend for an additional 60 days if needed

Relock

The loan may be re-locked 1 time, with a new 60-day lock period. Re-locks will be at current market price.

Lock & Shop

No

Lender's niche & overlays

Lender's niche

We offer very competitive rates for your A paper borrowers looking for a HELOC, those that would otherwise go to a bank, we can offer great rates, low closing costs and lender paid comp to you.

1st and 2nd lien position for standalone HELOCs for owner-occupied properties.  Piggyback 2nd concurrent closing transactions also available.  10 year initial draw period with interest-only payments, followed by 20 year amortized repayment period.

• Lender paid comp at 2% off initial draw amount on both Standalone and Piggyback. 
• Minimal LLPA’s
• HELOC in 1st Lien Position Allowed
• (.50) credit for Piggyback transactions
• (.125) credit for >780 FICO
• 50% DTI on standalone HELOCs with minimal comp factors
• Qual Rate at 2% using INTEREST ONLY payment
• No seasoning period required for new HELOC after purchase. 

HELOC's in 1st lien position, AVM allowed up to $400k, 1 bureau Experian credit report and Processing Fees can be charged by Broker

Lender's overlays

If not stated in our guidelines, we follow FNMA

- Any charge-offs over $250 must be paid in full from loan proceeds or prior to closing to qualify.

- 2 years tax returns needed for self employed borrowers, regardless of how long in business. 

Lender turn time

Initial underwrite (days)

2

CTC conditions review (days)

N/A

Initial CD (days)

N/A

Reviews