How do homeowners qualify for Point?
The following are among the most important factors we look at when evaluating homeowners for Point:
- you have a well maintained, qualified property in a neighborhood that has appreciation potential
- you have a strong credit history or can show evidence of improving creditworthiness
- you have household income that covers your debt obligations (and some)
- you have built up some equity in your home. After Point funding, you should still own at least 20% to 30% of the equity in your home. In certain cases, like when your property is a condo, your credit is impaired, or you already have a second loan/lien, we will require you own additional equity
- you live in one of the areas where Point is currently available
- we reach agreement with you on a fair value for your property
- you will sell the home within the term of your Point Homeowner Agreement or you will be in a position to repay Point by the end of the term
If you want to find out if you qualify, simply click on the "Do I Qualify?" button on the Point homepage.