Hello,
Does anyone know the minimum score for PSECU to approve HELOC 80% LTV?
I got to talk with a Loan Officer at PenFed, he said PenFed requires 660 (FICO EQ5) for HELOC up to 80% LTV, and they will do virtual appraisal. Score higher than that will not matter, the only thing matters is DTI (max is 50%) which determines how much you can borrow, but their rate of 3.75% is for that score. BUT, if you are over 80% LTV , they require 735 FICO EQ5.
I am wondering if anyone knows about PSECU FICO score minimum requirement.
Thank you
@arifjk wrote:Hello,
Does anyone know the minimum score for PSECU to approve HELOC 80% LTV?
I got to talk with a Loan Officer at PenFed, he said PenFed requires 660 (FICO EQ5) for HELOC up to 80% LTV, and they will do virtual appraisal. Score higher than that will not matter, the only thing matters is DTI (max is 50%) which determines how much you can borrow, but their rate of 3.75% is for that score. BUT, if you are over 80% LTV , they require 735 FICO EQ5.
I am wondering if anyone knows about PSECU FICO score minimum requirement.
Thank you
I suspect you will need to ask them.
HELOC underwriting is all over the map honestly, appreciate the datapoint regarding Penfed though. We also don't see many HELOCs around here, not quite sure why as I think they're a fantastic tool is one's financial arsenal, but I'd still suggest checking DCU though... only 80% but like 685 EQ FICO 5 and they're all the way down at 3% currently.
TBH I'm such a fan of their product I'm seriously considering taking a chunk of the proceeds of the future LA condo sale and dumping it into the new Houston mortgage and leveraging a HELOC post-haste after refi to dump escrow / PMI.
I read about DCU HELOC. IIRC, the website said as low as 3% APR. So, if FICO EQ5 is minimum 685, will the 3% APR still be extended or will it go up? How about DTI info? any idea?