Synergy FCU | HELOC Loan Requirements & Application

Home Equity Line of Credit Loan Requirements & Application

1. Maximum Amount of Loan for any One Member:

Maximum amount of loan for any one member shall be 80% of the appraised value (Fair Market Value), less any current unpaid lien balances of record on the date of the loan. The minimum amount of loan shall not be less than $8,000.00

50% Rule: Advances on the HELOC may exceed 50% of the Fair Market Value of the member's homestead. However, once an advance brings the HELOC balance to a figure exceeding that 50% amount, no subsequent advance on the HELOC may be made until the outstanding principal balance of the HELOC is paid down to 50% or less of such fair market value.

2. Trade Area Restrictions: State of Texas.

3. Specific Documentation needed for Credit Union to process loan:

Signed and completed Loan Application.
Signed and dated Notice Concerning Extensions of Credit form.
Copy of Deed of Trust or Warranty Deed to property for legal description.
Verification of amount owed on any 1st, 2nd or 3rd mortgages.
Ex: Copies of statements reflecting current outstanding balances.
If Paid-in-Full need copy of Release of Lien.
Appraisal either from county assessed value statement or certified appraiser. (See No. 5, appraisal requirements)
Copy of your present hazard (homeowners) insurance policy.
Employment/Income Verification.
Ex: Most recent pay stub or complete IRS Tax returns. If retired, copy of monthly social security pay stub and/or pension pay stub.

The loan may not be closed before the 12th calendar day after the later of the date that an application is submitted or, the date the owner receives a copy of the NOTICE CONCERNING EXTENSIONS OF CREDIT.

Note: No loan may be advanced before the three day waiting period (Sun., and holidays are not included). THE LOAN MUST BE CLOSED AT THE OFFICE OF SFCU, PRESENTLY IN SAN ANTONIO, CORPUS CHRISTI, TEXAS CITY, HOUSTON AND PORT ARTHUR.

4. Collateral Requirements:

Lien contract on Homestead Property

5. Appraisal Requirements:

Appraised value may be determined by the appropriate County district up to the loan amount of $200,000.00. Otherwise, an independent appraisal may be required by a certified appraiser with photographs of the property. An appraisal may be ordered at credit union’s discretion at anytime.

6. Insurance Requirements:

The homeowner is to show evidence of fire and extended coverage equal to the loan value or actual cash value of any other liens combined with the amount advanced under this note.

7. Closing Costs:

Some fees may apply. Member will be responsible for a certified appraisal and/or title insurance policy, if required. All affidavits needed to perfect lien on collateral will be charged to the member.