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meet qualifying lending factors
what you need to know
Lenders use the following criteria to qualify your application for home equity financing:
- the home appraisal:
your home value must have a market value that secures the financing. The less equity value you have in your home, the less financing amount the lenders will provide
- your credit rating:
your credit rating must be above a certain score in order to qualify. The lower your credit score, the less likely your financing request will be approved.
- your capacity to repay (income ratios):
your income ratio must be around 36% or less in order to qualify. The more debt that you have compared to your income may disqualify you from financing.
- your employment:
lenders qualify applicants who are employed and have steady income.
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More Qualifying Information
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