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What Properties? A customer cannot have more than two properties secured with Chase Home Equity lines or loans (1 on primary home; 1 on vacation/second home). Products are not available for commercially zoned properties or "properties for sale". |
| CLTV QUALIFICATION | The CLTV is a combination of the first and all junior mortgages against the appraised or purchased value of the subject collateral (customer's home). The CLTV ratio is calculated by dividing the total of all liens (i.e. the first mortgage and all recorded subordinate financing) by the lower of appraised value or the purchase price (if purchased within the last 12 months) at the time the loan is closed. The Combined Loan to Value (CLTV) maximum is based on the applicant's current credit score, debt to income and total liens on the property. |
| PRIMARY RESIDENCE |
Single Family Residence |
| SECONDARY/VACATION HOME | Available to applicants with second homes in states where Chase
is licensed to do business. The home must have a permanent heating
source and year round road access. Product options include Home Equity
Line of Credit and Home Equity Loan. · Single Family Residence · Planned Unit Development · Townhouse · Eligible Condominium · Rowhouse · Brownstone |
| RECENT PURCHASE | For homes purchased within the past year, the underwriters will review each file on a case-by-case basis. If the customer has resided in the home close to 1 year (within 20 to 30 days) of the original purchase date, the application can be taken from the customer. Keep in mind, the underwriter will review the file and look at the purchase price and the appraised value. After reviewing the file, the underwriter will determine what home value should be used. At the time of application, the sales representative should inform the customer that the file would be individually reviewed to determine the overall equity available. |
| RECENT UP FOR SALE | Requests for
refinances in which the subject
property is "for sale" present financial uncertainties and
vulnerability both for the borrower and Chase Home Finance. Due to
these risks, Chase Home Finance will decline these requests. If the
subject property was listed for sale within the last 12 months and
is no longer for sale, the following conditions apply: · Not eligible for cash-out refinance. · Copy of cancelled listing agreement must be in the file; appraiser to confirm that the property is no longer on the market. · Borrower must provide evidence that the property is no longer for sale (e.g., copy of cancelled agreement and copies of utility statements in the borrower's name, if applicable, etc). |
