Equity Lines and HELOC's

fm92555 — Wed, 11 Nov 2020 18:13:08 GMT

I have not seen a unified category for the loan rquirements for Equity Lines and HELOC's so I thought I may post so that others can add to it and start the thread. I have been searching for the loan requirements for many diffierent institutions, but they are few and far between, so here goes. If there is a thread already please point me to it!

I am currently going through Schools First in SoCal, I called U.S. Bank and they are a lower rate for prime customers, but they won't tell me what credit score they use or at what scores they offer a different rate. So I don't want to take the chance they use a lower score and I get a higher rate.

Lender

Schools First FCU

Uses EX FICO 2 for Equity Loan or HELOC products

Also uses EQ Beacon 5.0 and TU Classic 4.0 for 1st mortgage and Refi loan

Minimum 680 score and best rate at 720

Right now they use drive by appraisal for 80% LTV and lower, appraisal is ordered after application/credit approval before loan approval (2-3 weeks after app)

Closing 45 days estimated for Equity Products. At this time they are not backlogged like other lenders due to covid-19.

All requested documentation from you is uploaded to a Sallie Mae app for the underwriter. (application and requested documents)

They do ask for explinations of things that appear on credit reports/ bank statements, for me they asked me to explain items on credit back in 2016. They just want a good answer for the file.

Hope this helps!

Re: Equity Lines and HELOC's

jsecook — Thu, 12 Nov 2020 13:35:09 GMT

My DH went through a local credit union Y12 for our current HELOC. They pulled EQ 8 (773) for the HELOC, he had to submit paystub and Home Owners insurance. Was approved within 6 hours and was sent to the closing department. We closed in roughly a week and had the 3 day right of recision. They did a paper appraisal for up to 90% LTV - we could have ordered a regular appraisal if we thought the house was worth more, but declined since we were asking for 50K and the paper appraisal met that and kept us under 90%.

Re: Equity Lines and HELOC's

fm92555 — Thu, 12 Nov 2020 16:30:00 GMT

Where is the CU located?

topic Re: Equity Lines and HELOC's in Mortgage Loans

Equity Lines and HELOC's

Re: Equity Lines and HELOC's

Re: Equity Lines and HELOC's