Combo HELOC is a Combo Home Equity Line of Credit which is an open-ended line of credit that can be used for whatever the borrower chooses:
Down payment towards the home purchase
Debt consolidation for refinances only
The Combo HELOC has a 10-year draw period, with minimum interest only payments and a 20-year repayment/amortization. This line of credit may only be used in conjunction with Conventional and Conforming loans.
Funds are delivered by a convenience check mailed to the customer 3 weeks after closing, or with a VISA Card
At closing, borrowers have the option for a full draw, partial draw, or zero draw