What does this mean?

• Your home meets one of the following criteria:
  
  • The home value is less than $155,000.
  • The eligible amount was less than $30,000 due to the maximum ratio between your combined mortgage loan and option amount and the total value of your home, also known as LOTV.
    
    • LOTV stands for loan-option-to-value. It is the sum of a homeowner’s mortgage balance plus Point’s investment amount divided by the home value.
    • The LOTV limit is based on home value, the number of liens tied to your property, and a few other financial factors.
    • 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, his LOTV is ($20k + $80k) / $200k = 50%. If Edwin’s LOTV limit is greater than 50%, he is eligible for $80k. If Edwin’s LOTV limit is under 50%, Edwin may not be able to qualify. 

How can I become re-eligible?

• If your home value is less than $155,000,
  
  • 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 comparables or items may not be applicable.
• If you are eligible for less than $30,000 due to your LOTV,
  
  • Subject to review, this eligibility may be met once the mortgage balance is low enough to sufficiently meet the maximum LOTV threshold. Please note that meeting the maximum LOTV 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 comparables or items may not be applicable.