Mike Acord | Canopy Mortgage

What is a digital HELOC?

It's a fast, streamlined,, and largely automated home equity line of credit (HELOC) designed for rapid approval and funding within days, not weeks. It is a "standalone" product that allows borrowers to access up to in equity (up to 70% - 80% CLTV) as a first or second lien without needing to refinance their primary mortgage, second home, or investment property.

Fast - Application

  • 5 minute application

  • Instant income verification

  • Bank Statement Verification *PLAID

Flexible Qualification

  • Minimum 640 FICO score.

  • DTI - 50% max on 680+ Credit Score

  • DTI - 45% max on 640-679

Loan Amounts / LTV

  • Minimum $25,000

  • Maximum $500,000

  • Max CLTV 80%

    Owner Occupied

  • Max CLTV 70% investment Property

Eligible Properties

  • Single Family

  • 2-4 Units,

  • PUDs

  • Condos

  • NO - Manufactured Homes, Coops, Condotels, Log Homes, Mixed Use, or Agricultural

Appraisal Requirements

  • AVM used on all loans 25K to 500K

  • Minimum property value 100K

Draw Terms

  • 75% initial draw at closing

  • 5 year interest only 25 yr repayment

Prepayment Penalty

  • NO Prepayment Penalty

Vesting

  • NO LLC's

Income Requirements

Wage earner, self-employed, fixed income, other income eligible

• Borrowers may validate income using one of the following options:

❖ Plaid or The Work Number

❖ Business Bank Statements Permitted | Credit Score > 680, must connect through Plaid, no manual review permitted

* If The Work Number or Plaid are unsuccessful, we provide the ability to upload income documentation.

"Buy Before You Sell"

Now you can buy your next home before selling your current one. (As long as you qualify.)

Use a Digital HELOC to access the equity in your current home and use it toward your next purchase.

Here's how it works:

  • Tap into your home’s equity with a digital HELOC

  • Use those funds for your next home (down payment and closing costs)

  • Move into your new home first

  • Then sell your old home

Once your old home sells, you simply pay off the HELOC balance. No prepayment penalty. No rush. No pressure.

Why this matters:

  • No need to rush your sale

  • No home sale contingency

  • Stronger offers when buying

  • Move on your timeline, not the market’s