And they work with the CalHFA ADU Grant.
HELOCs for homeowners:
Up to 90% combined loan to value
$500,000 maximum
Interest-only for 10 years
Amortized over 30 years
No prepayment penalty
Only pay on what you use
HELOCs for investors
Up to $250,000
Draw period 5 years
Repayment period 10 years
1-4 unit properties
Additional restrictions apply, but our clients are very happy with these options to build their ADU as an alternative to refinancing their primary mortgage.