“80/10/10” HELOC Lender Now Requires 720 FICO In CA Only

Our Home Equity Line Of Credit (HELOC) Lender, that offers the “10%” second mortgages in conjunction with “80/10/10” financing, increased its minimum FICO from 700 to 720. This applies to California only.

This means that borrowers with limited down payment funds (less than 20%) will either have to take a single loan with Private Mortgage Insurance (PMI), or attempt to improve and re-score their credit.

It is also interesting that the lender (TCF) is only applying this 720 FICO requirement to California; the lender likely believes our market is overheated.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646