Procedures/01 Help/policies_and_procedures_tmphhp/policies_and_procedures.chm
Home Equity Qualification
This form helps determine the home equity line of credit for which you qualify. The affordability of the line of credit is a function of two factors. The first factor is the amount of equity that you have available as security for a line of credit. Many banks will not allow loans on the home (one of which is a home equity line of credit) to exceed 80% of the home's appraised value. The other factor is the total expense ratio, which is defined as housing related monthly expenses (principal, interest, property taxes and insurance) plus other monthly debt payments, divided by gross monthly income. Typically, that ratio should not exceed 40%. You can ask a bank for its loan-to-value limit and the total expense ratio maximum it allows, and then plug those figures into this form.
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