RISMEDIA, Jan. 8, 2007-Chase has expanded the availability of stated-income home-equity lines and loans, giving brokers and correspondents a broader range of home equity options to offer their customers.
Most significantly, Chase has increased to $500,000 from $300,000 the maximum loan amount for stated-income programs for borrowers who meet combined loan-to-value, debt-to income ratio, FICO score and asset verification requirements. The company has also added second homes to the stated-income program and expanded to borrowers with FICO scores of 680 and above.
Chase has also eliminated the principal, interest, tax and insurance (PITI) reserve requirements for applicants who have been in their homes less than six months and on loans with a combined loan-to-value ration greater than 90%. In addition, properties that had been up for sale within six months are now eligible as long as they have been off the market for at least 30 days.
"These changes will allow Chase-approved brokers and correspondents to expand their business by giving more borrowers the ability to access and leverage their home equity," said Kimberly Salvo, B2B Home Equity Manager. "Chase continues to work hard to make home equity lines and loans easier for our broker customers to sell and easier for borrowers to secure."
For details, brokers and correspondents should check with their account executives or visit www.Chaseb2b.com for more information.