Home Equity Credit

All equity lines of credit must meet the parameters as set out in Home Equity Loan Center's updated equity loan product underwriting guidelines:

Please review the details highlighted modifications below:

Credit Criteria: (Trans union, Experian, and Equifax)

• A credit report dated within 90 days of funding is required with a minimum of 2 repositories
• Minimum Four trade-lines
• At least 1 credit trade line must be active & open for more than 1 year
• Credit score method (middle score of 3, or lowest of 2)

For fixed interest rate home equity loans, loan officers are required to provide loan disclosures, including to Truth In Lending Disclosures. No disclosures are required revolving lines of credit.

Credit History Requirements for Prime- Home Equity

• 0x30 day late payments for all mortgages in last 12 months.
• Minimum $19,000 loan.
• Bankruptcies- BK's must be discharged at least 2.5 years with established credit. (No derogatory new credit)
• Foreclosures are not allowed in the last 5 years.
• Collections must be paid.
• All credit accounts must be current with nothing past due at time of approval.
• Borrowers are encouraged to pay off bills in the loan to qualify.

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