What are the basic eligibility requirements?

It takes 60 seconds to see if you prequalify [https://point.com/flex/compare] for Point's Home Equity Investment (HEI). These are the basic eligibility requirements we look for:

Your home. To qualify for an HEI, your home needs to be in an eligible state or region [https://help.point.com/article/32-in-what-states-is-point-available-now], and needs to be worth at least $155,000.

Note: The home must be a single-family home, condo, townhome, or 1-4 unit residential property; it cannot be a manufactured or mobile home. We can’t fund A-frame, geodesic dome, barndominium, log cabin, or other unconventional home types. We also can’t fund a co-op, commercial property, or property held in an LLC. Homes that are in renovation and have exposed studs in above grade areas are ineligible. The lot size must be 7 acres or less.

Your equity. You need to retain a significant percentage of the equity in your home after Point's investment, usually 27% or more. This percentage can be confirmed by prequalifying.

Your credit profile. While Point is much more flexible about your credit than conventional home equity options, we still review your credit history and require a minimum credit score of 500. Recent bankruptcies or foreclosures are subject to waiting periods, depending on the type.

Note: Our waiting periods are two years from discharge/dismissal for Chapter 7 or 11, one year from discharge or two years from dismissal for Chapter 13, and five years for multiple filings in the past seven years. If you've had foreclosures, the waiting period is five years.

Additional eligibility
Mortgages and liens: Point prefers to be in first or second lien position, but must be in at least third lien position. If you have a reverse mortgage or are more than 30 days past due on your mortgage, the HEI will need to fully pay off the mortgage at closing.

Ownership: Your name must be on the home title, and all owners must sign the agreement at closing.