What does this mean?

• Your home meets one of the following criteria:
  
  • The home value is less than $140,000
  • The eligible amount was less than $20,000 due to the Point-approved maximum ratio between your combined mortgage loan(s) and Point’s investment amount and the total value of your home.
    
    • This maximum ratio is based on home value, the number of liens tied to your property, credit score, and a few other financial factors. The total balances against your home and Point’s investment cannot exceed a certain percentage of the home’s value based on this ratio.
    • For example, let's say Edwin’s home is valued at $200,000 with a mortgage balance of $20,000. If he would like $80,000 from Point, the ratio between the sum of his combined mortgage loan(s) and Point’s investment and his total home value is ($20k + $80k) / $200k = 50%. If Edwin’s maximum ratio is greater than 50%, he is eligible for $80k. If Edwin’s maximum ratio is under 50%, Edwin may not be able to qualify. 

How can I become re-eligible?

• If your home value is less than $140,000,
  
  • Subject to review, this eligibility may be met once the home value is above our minimum value. Please note that the home value being above our minimum value does not guarantee approval, and your application will still be subject to a full underwriting review.
    
    • If you believe the estimated property value is incorrect, you may opt to request an appraisal reconsideration. Since Point partners with independent appraisal companies to ensure a fair valuation of your home, we cannot manually adjust this value. 
  • Point’s valuations team will need to share your concerns with your appraiser. You may submit comparable sales or other information for us to share with them that you believe supports a revision of the current appraisal. Once we receive your submission, Point’s valuations team will address the concerns, submit a reconsideration request to the appraisal company if possible, or explain why certain comparable transactions or items may not be applicable.
• If you are eligible for less than $20,000 due to the determined maximum ratio between the total balances against your home (including Point’s investment) and your total home value, 
  
  • Subject to review, this eligibility may be met once the mortgage balance is low enough to sufficiently meet the maximum ratio between the total balances against your home (including Point’s investment) and your total home value. Please note that meeting this maximum ratio threshold does not guarantee approval, and your application will still be subject to a full underwriting review.
    
    • If you believe the estimated property value is incorrect, you may opt to request an appraisal reconsideration. Since Point partners with independent appraisal companies to ensure a fair valuation of your home, we cannot manually adjust this value. 
  • Point’s valuations team will need to share your concerns with your appraiser. You may submit comparable sales or other information for us to share with them that you believe supports a revision of the current appraisal. Once we receive your submission, Point’s valuations team will address the concerns, submit a reconsideration request to the appraisal company if possible, or explain why certain comparable transactions or items may not be applicable.