Basic Qualifications

∙ Credit score = 680+ (for all borrowers)
∙ Equity in current home = at least 20%
∙ Debt to income ratio: 45% or lower
∙ Current mortgage balance = $100,000+
∙ Years remaining on current mortgage: At least 10

∙ Net monthly income at least 20% greater than total monthly expenses
Example: Income = $10,000 Expenses = $7,000 --- YES
Example: Income = $8,000 Expenses = $7,200 --- NO

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