Buy A Home With A HELOC
At least one HELOC we offer can be the first mortgage on the home you buy. On a purchase, the full line is drawn at closing, with lines from $50,000 to $3,000,000 and a 680 minimum credit score.*
Where we lend: Saxton Mortgage, LLC, NMLS #1717191, is licensed in 41 states: Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, and Wyoming. See license details by state.
Use a line of credit as the loan that buys your home.
At least one program allows a purchase with the HELOC in first lien position
- A purchase is an eligible loan purpose, with the HELOC in first lien position.
- On a purchase, 100% of the line is drawn at closing.
- Lines from $50,000 to $3,000,000, with a 680 minimum credit score.
- Primary residences, one-unit second homes and investment properties are eligible.
- Qualify with full documentation, 12 or 24 months of bank statements, 1099 forms or asset depletion.
- Not available in Texas, and Hawaii lava zones 1 and 2 are excluded.
Purchase lines reach $3,000,000*
First-time buyers allowed on a primary home
The whole line funds the purchase*
Bank statements or full documentation
Gift funds can cover closing costs
Rentals and one-unit second homes*
What is the Saxton Home Purchase HELOC?
A first-lien line of credit used to buy the home, with the full line drawn at closing.
Most HELOCs sit behind a mortgage you already have. At least one program we offer works differently: the HELOC is the first lien, and a purchase is an eligible loan purpose. On a purchase, 100% of the line is drawn at closing, so the line funds the purchase.
A first-position HELOC from one partner can pay for the home itself, drawing the entire line at closing. The line can be as small as $50,000 or as large as $3,000,000, and first-time buyers may use it for a home they will live in with three months of reserves.
Another program we offer also allows a first-lien HELOC on the purchase of a primary home with one to four units, with lines up to $3,500,000 at a 740 score and a 700 minimum score. Its minimum initial draw is $150,000, and it is not available in Texas. Buying a rental that will qualify on its rent? See the DSCR HELOC. Want a line behind a new first mortgage instead? See the piggyback HELOC.
Why choose the Saxton Home Purchase HELOC?
For buyers who want a line of credit to be the loan on the home from day one.
Buy With The Line Itself
At least one program allows a purchase with the HELOC in first lien position, so there is no separate first mortgage for the line to sit behind.*
Bank Statements Can Qualify
Self-employed buyers can qualify with 12 or 24 months of personal or business bank statements at one program. 12 or 24 months of 1099 forms and asset depletion are also accepted.
First-Time Buyers Are Welcome
First-time home buyers are allowed on a primary residence, with at least three months of reserves. A first-time buyer is someone with no ownership interest in a home during the past three years.
A Co-Borrower Can Help
A co-borrower who will not live in the home is allowed on a primary residence purchase. Up to four borrowers can be on one loan.
Bigger Lines Need More Reserves
Reserves run from three months on smaller lines to 12 months on lines above $2,000,000.
Not Every Home Qualifies
Manufactured, mobile and modular homes are not eligible at this program, and neither are rural properties, homes on more than 10 acres, co-ops or log homes.
Hear From Homeowners Like You
Frequently Asked Questions
Answers for buyers who want a line of credit to finance the home itself.
Yes, one partner lists purchase as an eligible purpose for its first-lien HELOC, so the line can buy the house. A second first-lien program also allows purchases, while a third rules out first-lien HELOCs for purchase transactions.
On a HELOC home purchase with one partner, the full line funds at closing to pay for the home. Another partner’s first-lien product allows at most 99% at closing, and the 1% holdback does not count as cash out.
With one partner, a purchase HELOC opens at 680, though that tier covers only primary residences and second homes. Rentals need 700 there, and lines above $2,000,000 need at least 720.
Yes, one partner’s purchase HELOC accepts a year or two of bank statements, personal or business, provided you own half the company or more. Self-employment of two years is the norm there; one year works if you already logged two years in that same field.
Yes, on a primary residence, at one program. First-time buyers need at least three months of reserves.
Yes, one partner’s purchase HELOC can buy a single-unit second residence or an income property. A second, investment-only line underwritten on rental income can also fund a purchase, so investors have two routes.
At one program, manufactured, mobile and modular homes, rural properties, homes on more than 10 acres, co-ops and log homes are not eligible. That program is not available in Texas or in Hawaii lava zones 1 and 2.
Saxton Mortgage does. At least one first lien HELOC program we offer can be used to buy a home, with the full line drawn at closing. It is not available in Texas.
Find out what you qualify for
Buying a home and want a line of credit to be the loan? Answer a few questions and a licensed loan officer will match your purchase to the HELOC programs that fit.
Get Pre-Qualified- Consumer Financial Protection Bureau, home equity loan compared with a HELOC
- Consumer Financial Protection Bureau, mortgages
*Loan amounts, rates, terms, and eligibility are subject to credit approval, asset and income verification, appraisal, and program guidelines. Draw requirements and variable rate terms apply. Program availability varies by state. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.