Deephaven Mortgage Enhances Home Equity Line of Credit Offerings

Deephaven Mortgage has introduced substantial upgrades to its Equity Advantage Home Equity Line of Credit (HELOC) product, aiming to provide greater flexibility and access for a wider range of borrowers. According to HousingWire, the non-QM lender has doubled the maximum available credit line and broadened the types of property ownership structures it will consider. Previously, homeowners could secure a HELOC through Deephaven Mortgage for up to $500,000. Under the revised terms, this upper limit has been increased to $1,000,000, offering significantly more borrowing power for individuals looking to leverage their home equity. Beyond the expanded credit ceiling, Deephaven Mortgage has also made key adjustments to its eligibility parameters. The program now extends to properties located in Texas, a new addition that opens up the product to a major housing market. Furthermore, the company will now accept applications from properties held under Limited Liability Company (LLC) vesting, which was not previously permitted. Another notable change involves co-borrower options. The updated program structure allows for co-borrowers, which can be beneficial for families or partners who wish to jointly access home equity. This inclusion could make the HELOC program more accessible to individuals who might not qualify on their own. These modifications by Deephaven Mortgage reflect a strategic move to cater to a broader segment of the homeowner population, including those with substantial home equity and diverse ownership structures. The non-qualified mortgage (non-QM) lender continues to adjust its product suite to meet evolving market demands and borrower needs, as highlighted by these latest improvements to the Equity Advantage HELOC.