HELOC quick guideline overview:

HELOC stands for Home Equity Line Of Credit.
It is a line of credit secured by a property, allowing borrowers to draw funds up to their approved limit.

Standalone HELOC:

Tied to a property with an existing mortgage, even if the mortgages are from different lenders.
Provides flexibility for borrowers.

Note Rate: The interest rate at loan closing.
Draw: The amount borrowers withdraw from the available line of credit.
Initial Draw Amount: The initial amount borrowers pull at closing.
Draw Period: The timeframe for withdrawing funds.
Repayment Period: The period when borrowers repay the balance, after which no more draws are allowed.
Max Loan Amount: The maximum loanable amount for a HELOC.
Total Line Amount/Max Loan Amount: The maximum balance that can be drawn on the HELOC.
CLTV (Combined Loan to Value): Calculation combining the 1st and 2nd lien mortgage balances with the appraised value.
HCLTV (High Combined Loan to Value or Home Equity Combined Loan to Value): Calculation combining the 1st lien mortgage and total line amount with the appraised value.
Interest-Only Payment: Monthly interest payment during the first 10 years of the HELOC.
Fully Amortized Payment: Monthly payment applied to both principal and interest during the repayment period.

Minimum Line Amount: $25,000.
Minimum Initial Draw Amount: 75% of the line amount.
Minimum Subsequent Draw Amount: $1,000, subject to a 90-day lock-out period after the initial draw.
Rate Cap: 18%, unless limited by state or regulatory requirements.
Floor: 4%.
Index: Prime Rate (changes monthly)
Qualifying Rate: Note Rate + 2%.
Qualifying Payment: Qualifying rate over the amortizing repayment period.

Fixed options: 3yr, 5yr, 10yr, 15yr, 30yr
Interest Only options: 10yr
No pre-payment penalties.
3 day rescission between closing and funding for primary residence only (does not apply to investment properties)

Interest-only payment for the first 10 years, followed by a 20-year amortized payment period.
Minimum FICO: 680.
Max CLTV/HCLTV: 90%.
Max DTI: 50% (43% for FICO < 680).
Available for primary residences, second homes, and investment properties (excluding 2-4 unit second homes).
Not available in Iowa or Vermont.
Eligible on cash-out transactions.

Interest-only payment for the first 10 years, followed by a 10-year amortized payment period.
Minimum FICO: 640.
Max CLTV/HCLTV: 85%.
Max DTI: 50% (43% for FICO < 680).
Available for primary residence, second homes, investment properties. (excluding 2-4 unit second homes).
Non-occupant co-borrowers not allowed.

Piggyback HELOC:

Interest-only payment for the first 10 years, followed by a 20-year amortized payment period.
Available for cash-out, purchase, and rate & term refinance transactions.
Can only be paired with conventional loans.
Does not require a three-day Right of Rescission.
Minimum FICO: 680.
Max CLTV/HCLTV: 90%.
Max DTI: 50%.
Available for primary residences, second homes, and investment properties (excluding 2-4 unit second homes).

Eligible occupancy types for both Standalone and Piggyback HELOCs:
Primary residences: 1-4 unit SFR, 1-unit PUDs, and 1-unit condos. Non-occupying co-borrowers permitted.
Second homes: 1-unit SFR, 1-unit PUDs, and 1-unit condos. Non-occupying co-borrowers not allowed.
Investment properties: 1-unit SFR, 1-unit PUDs, and 1-unit condos (30-year HELOC only). Non-occupying co-borrowers not allowed.
Investment properties and 2-4 unit second homes are ineligible.