A Traditional HELOC, Fully Documented
Flex Equity is reviewed by an underwriter with full documentation. Here is every document it asks for.
The Flex Equity HELOC is a traditional, fully documented home equity line.
This Flex Equity HELOC checklist covers wage earners, self-employed borrowers, and the mortgage and insurance papers every file needs. It fits files that need tax-return income, a fixed rate for life, a first-lien HELOC or up to 90% CLTV. 25+ years, 3,100+ closed loans, Scotsman Guide Top Originator 2026. Lending in 49 states. New York excluded.
What Documents Do You Need for the Flex Equity HELOC? The Short Answer
You need a photo ID, pay stubs covering the last 30 days, 2 years of W-2s, your current mortgage statement for every mortgage on the home, your homeowners insurance declarations page, your current property tax bill and your HOA statement if you have one. Self-employed borrowers add 1 or 2 years of tax returns, depending on how long they have been self-employed.
Who Needs What, at a Glance
| Document | Wage earner | Self-employed 5+ years | Self-employed under 5 years |
|---|---|---|---|
| Pay stubs (30 days) | Yes | No | No |
| W-2s (2 years) | Yes | No | No |
| Personal and business tax returns | No | 1 year | 2 years |
| Mortgage statements | Yes | Yes | Yes |
| Insurance declarations page | Yes | Yes | Yes |
| Property tax bill | Yes | Yes | Yes |
Your Flex Equity HELOC Checklist
Everyone
- ☐ Photo ID
- ☐ Current mortgage statement for every mortgage on the home
- ☐ Homeowners insurance declarations page
- ☐ Current property tax bill
- ☐ HOA statement, if you have one
Wage earners
- ☐ Pay stubs covering the last 30 days
- ☐ W-2s from the last 2 years
Self-employed
- ☐ Self-employed 5 years or more: last year’s personal and business tax returns, all pages and schedules
- ☐ Self-employed under 5 years: last 2 years of personal and business tax returns, all pages and schedules
If it applies to you
- ☐ A mortgage held by a private party, or not showing on your credit report: 24 months of canceled checks or bank statements showing on-time payments
- ☐ Home held in a trust: the trust documents
- ☐ Divorce decree, child support or alimony orders
Not sure whether Flex or Lightning fits you better? Start the application and we will compare both for your file.
Start Your HELOC ApplicationHow It Works
Start the application
It takes about 2 minutes. No SSN and no credit pull on the first step.
We match the HELOC
We compare Flex Equity and Lightning Equity for your income type, lien position and CLTV.
Upload your documents
Use the checklist above.
Underwriting and closing
An underwriter reviews your full file, then we schedule closing.
Flex Equity HELOC Application FAQ
What documents do I need for the Flex Equity HELOC?
You need a photo ID, pay stubs covering the last 30 days, 2 years of W-2s, your current mortgage statements, your homeowners insurance declarations page, your property tax bill and your HOA statement if you have one. Self-employed borrowers add tax returns.
How many years of tax returns does a self-employed borrower need?
If you have been self-employed for 5 years or more, you need the most recent year of personal and business tax returns. Under 5 years, you need the last 2 years of both, with all pages and schedules.
What if my mortgage is held by a private party?
We need 24 months of canceled checks or bank statements showing on-time payments, because a private mortgage does not show up on your credit report.
Why does Flex Equity need more documents than Lightning Equity?
Flex Equity is a traditional, fully documented HELOC reviewed by an underwriter. That lets it use tax-return income, first-lien positions and a fixed rate for life, which the automated Lightning Equity application cannot.
Do I need my homeowners insurance declarations page?
Yes. We confirm your coverage meets the program’s minimum, which is based on the replacement cost of the home or the total of all loans on it, and that the policy stays active through funding. The declarations page shows all of that on one sheet.
Can I use the Flex Equity HELOC to buy a home?
No. Flex Equity is for homes you already own. It is not purchase financing. If you are buying, we can look at purchase loans, and once you own the home, Flex Equity or Lightning Equity can let you use the equity later.
Related Pages
About the Author
J.D. Peck is an Area Manager and Mortgage Loan Originator (NMLS #314883) with the JD.Mortgage Team at Paramount Residential Mortgage Group, Inc. (NMLS #75243), based in Colorado Springs. 25+ years, 3,100+ closed loans, Scotsman Guide Top Originator 2026. Lending in 49 states. New York excluded.
Last updated: September 25, 2026. Program facts sourced from the PRMG Flex Equity HELOC Product Profile (09/17/2026) and Flex Equity Expanded Guidelines.
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