Sum of the Whole uses general guidelines and requirements when evaluating homeowners. Guidelines are key factors that can affect your overall offer; requirements are necessary items in order to extend you financing.
Employed with a dependable source of income
Sufficient income to support your existing debt obligations
Overall debt is reasonable
Have a good credit and payment history; no bankruptcies or account collections
Home is used as primary residence and well maintained
Have a good amount of home equity
You are an existing homeowner with your name on the title of the property
You have a loan to value (LTV) of less than 80% on your home
Your credit score/FICO score is greater than 620
Your property is not used for commercial reasons
Your property is not in foreclosure or the subject of a bankruptcy
Although we evaluate many factors of your overall financial profile, including your credit history, income, DTI ratio and your property, we require that your FICO score is 620 or higher. It only takes a moment to see if you qualify.