MemberClose Loan Guarantee Program
The MemberClose Loan Guarantee Program allows your credit union to make more home equity loans without taking on more risk. Help your members by allowing them to borrow up to 100% of their home’s equity.
Key features of the Loan Guarantee Program
- Eligible loans include fixed & HELOC, home improvement, purchase money 2nd.
- Maximum loan amount is $250,000.
- Maximum loan to value is 100%.
- Minimum FICO is 660.
- Maximum term closed end is 20 years.
- Maximum term open end is 10 year/10 year.
- Loan terms up to 30 years available
- Debt to income closed end or open end is 45%.
- Lien position available is 1st or 2nd.
- Property valuation is through MemberClose.
- Insure lien position through MemberClose.
To learn more about this program complete the “Get in Touch” form.
