LOAN BASICS
This is the minimum loan amount for a Home Equity Loan.
What is $10,000?
Non-Occupant Co-Borrowers are considered this (eligible/ineligible) for Home Equity Loans.
What is ineligible?
The maximum loan amount you can apply/get approved for.
What is $500,000?
The amount clients pay for the appraisal
What is $0?
This loan is for a customer wants access to funds over time for future home projects instead of receiving all funds upfront.
What is a HELOC?
A Home Equity Loan can only be in this lien position.
What is a second lien?
The minimum number of tradelines required for a standard bureau file.
What is 4 tradelines?
The minimum FICO score required to obtain a 90% LTV and borrow up to $500,000.
What is 720?
If a customer believes their appraisal value is incorrect, bankers should escalate the exception request to these partners.
Who is Loan Champ / Regional?
A customer has a paid-off home and wants a HELOAN
What is ineligble?
Home Equity Loans have this type of interest rate throughout the life of the loan. (Variable/Fixed?)
What is a fixed rate?
Borrowers with a Primary Wage Earner FICO of 709 or below and a bankruptcy or foreclosure history are considered this. (Eligible/ineligible)
Ineligible
The maximum debt-to-income ratio allowed with a 720 FICO.
What is 55%?
If a property's estimated value exceeds $1 million on eligible property types, this type of appraisal is required
What is a Full Appraisal?
Loan amounts above this amount are only available by exception
What is $500,000?
Home Equity Loans can have terms ranging from 60 months up to this many months.
What is 360 months?
A borrower with a FICO score of 720 or higher and a previous bankruptcy is considered this (eligible/ineligible?).
What is eligible?
Loans greater than $250,000 require this many months of reserves
What is 6 months?
Loans up to $75,000 on a 1-unit primary residence generally require this appraisal type.
What is a Drive-by Appraisal/ Automated Valuation Product (AVP)?
A customer wants to borrow against their home's equity, but their co-borrower does not live in the property. Their application is likely this - eligble/ineligble?
What is ineligible?
For borrowers with a FICO score between 710 and 719, this many years must have passed since a bankruptcy discharge or foreclosure-related event.
What is 4 years?
If two borrowers earn the same amount of income, the borrower with this is considered the "Primary Wage Earner".
Who is the borrower with the lowest credit score?
These may be used to support qualification for Preferred borrowers with at least $100,000 in assets at Fifth Third when debt-to-income ratios exceed standard guidelines.
What are unencumbered liquid assets?
Condominiums and townhomes borrowing over this $ amount require a full appraisal regardless of value.
What is $250,000?
A customer has a retirement account with a vested balance of $200,000 and no outstanding loan against it. Under the asset guidelines, only this percentage of the vested balance may be considered in the unencumbered-liquid-asset analysis.
What is 70%?