What Are the Eligibility Requirements for the Wealth Builder HELOC?

The Wealth Builder HELOC has specific eligibility requirements covering credit, income, property, and loan amount. Here is a summary of the key qualifying criteria for California borrowers.

Credit Requirements

• Minimum FICO score of 620
• Higher LTV allowances available at 680+ and 720+
• No recent bankruptcies, foreclosures, or short sales within program seasoning windows

Income and Documentation

• Full documentation (W-2s, tax returns, paystubs)
• Bank statement income (12 or 24 months)
• Asset depletion income for qualifying borrowers
• 1099 income accepted with appropriate documentation

Loan Amount and LTV

• Minimum loan amount: $150,000
• Maximum loan amount: $3,500,000
• LTV up to 90% depending on FICO and occupancy type
• LTV matrix varies — higher FICO scores unlock higher LTV allowances

Property Eligibility

• Single family residences, condos, PUDs
• 2–4 unit properties
• Primary residence, second home, and investment properties
• Property must meet appraisal and condition standards
• Properties with significant deferred maintenance may not qualify

Loan Purpose

• Purchase
• Rate and term refinance
• Cash-out refinance

A ten-minute self-screen

1. Credit: pull your scores. The program minimum is 620, with better limits available at higher tiers.
2. Amount: your line must fall between $150,000 and $3,500,000.
3. Property: confirm it is a single-family home, condo, PUD, or 2–4 unit property in good condition.
4. Occupancy: decide whether it will be a primary residence, second home, or investment property, since this affects maximum LTV.
5. Credit events: note the dates of any bankruptcy, foreclosure, or short sale, since seasoning windows apply.

Documents by income type

• Employees: recent paystubs, W-2s, and tax returns.
• Self-employed: 12 or 24 months of business or personal bank statements, or tax returns where documentation applies.
• 1099 earners: 1099 forms and supporting records.
• Asset-based: statements for the accounts you will rely on.

LTV example (illustrative example, not a quote)

On a $900,000 primary residence, a 90% LTV would be $810,000 and an 80% LTV would be $720,000, a difference of $90,000. This is why the FICO tier and occupancy you fall into matter so much.

Common reasons files stall

• Credit events that fall inside the seasoning window. The exact windows vary by program and borrower profile; we confirm the current guidelines when we review your scenario.
• Appraisal comments about deferred maintenance.
• Condo projects with active litigation.

What a complete file looks like

A strong file has consistent names and addresses across the ID, statements, and credit report; a clear explanation of any large deposit; and a property with no open issues from the appraisal. If your situation includes a recent job change, a new business, or income that fluctuates, mention it at the start. Early disclosure lets us choose a documentation method that suits the facts, instead of finding the mismatch in underwriting.

Frequently asked questions

Can I apply with a co-borrower?

Yes. If you do, the credit score used is typically the lower of the two borrowers’ middle scores, so one weaker profile can affect the terms.

Do I need to own the home already?

No. The line is available for purchases as well as refinances.

What if my property is slightly below the standard?

Minor cosmetic items are usually fine, while safety or major system issues can be a problem. Ask us before ordering any repair work, since the order of repairs and appraisal matters.

Related guides

• Credit score requirements
• Eligible property types
• Asset depletion income
• How to apply

Quick recap

• Match your documents to your income type before applying: full documentation, bank statements, or asset depletion.
• Property condition can disqualify a home even when type and occupancy qualify.
• A $150,000 minimum line means the program may not suit small balances.