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Eligibility Guidelines

What are the eligibility guidelines?

Before you apply for a Chase home equity line of credit, ask yourself these questions to see if you may be eligible. Depending on your answers to these questions, you may be eligible for a Chase home equity line of credit.

Can I apply with another person (co-applicant)?


You can have another person (such as a spouse, relative or someone who lives in the home) complete the application with you as a co-applicant. We’ll ask you for the co-applicant’s income and credit history information during the application process, and this information may influence whether or not your home equity is approved.

Do I have good credit?


Your credit report should be free of any recent bankruptcies, foreclosures, repossessions, mortgage delinquencies, negative public records, charge offs or other credit issues. The minimal credit score to qualify for a Chase home equity line of credit is typically 680.


Your credit history should show at least three trade lines (these include credit cards, store charge cards, mortgages, car loans, etc.) from the past 24 months. Credit history is an important factor in the approval decision for a home equity line of credit. You may want to check your credit score before applying. Directly through a major reporting agency, you are allowed by law to check your credit report for free once per year. Your credit report will be created by one of the major credit reporting agencies:

In addition, you can go to Chase Credit JourneySM to check your credit score for free and as often as you'd like without impacting your score. The score provided to you is the VantageScore® 3.0 credit score by TransUnion®. This score may differ from other scores you may have seen, as there are other providers and scores in the market. Chase and other lenders may use different credit scores and other types of information to make credit decisions.  Chase Credit JourneySM provides unlimited access to your credit score, which is refreshed weekly when you sign in.

Do I live in the home I’m requesting to use as collateral?


You can obtain a home equity line of credit on your primary residence if you’re able to prove that you live there for most of the year. In some cases, a secondary residence may be used as collateral (additional restrictions apply).  Eligible property types include:

  • Single-family residences (such as a house, townhouse or row house)
  • Attached single-family residence (such as a condominium)
  • Cooperative shares (co-op)
  • Two-unit residences

Is my loan-to-value (LTV) ratio less than 80%?


Your LTV is the relationship between the current outstanding balance of your mortgage loan and the home’s value. This relationship helps us decide how much you can borrow. You may be eligible for a line of credit if your LTV is less than 80%. Your LTV depends on the line of credit amount you’re requesting, the lien position of the account and your credit score.

To calculate your LTV, add how much you need for a line of credit to the amount of all debts secured by your home, and then divide that total by your home’s estimated value.

Use this formula to get an idea of your LTV: (A + B)/C = LTV

A = The line of credit amount you need

B = The outstanding balance of your first and second mortgages, if any

C = Your home’s estimated value

What do I need to know about debt-to-income ratio?


All of your monthly payments toward your existing and future debts should usually be less than 43% of your monthly income. Debt-to-income ratio may be acceptable up to 50% under certain circumstances and additional requirements. We’ll verify your income during the application process. To calculate your debt-to-income ratio, divide your monthly payments by your monthly gross income.

Use this formula to get an idea of your debt-to-income ratio: A/B = debt-to-income ratio

A = Your total monthly payments (such as credit cards, student loans, car loans or leases; also include your mortgage payments and expected future line of credit payments).

B = Your average monthly gross income (divide your annual salary by 12).

For example, if your monthly income is $5,000 and your monthly debts and future expenses are $1,000, your debt-to-income ratio would be 20%.

If your debt-to-income ratio is more than 43%, you still may be eligible for a line of credit if another person (such as a spouse, relative or someone who lives in the home) completes the application with you. We’ll ask you for the co-applicant information during the application process.

Can I afford an extra monthly payment?


Using a home equity line of credit usually means making an extra monthly payment on top of your mortgage and other bills. Make sure you’re prepared for the added expense based on your current financial situation. It’s important to make financially responsible choices.

Do I have enough equity in my home to pay for the purchases I want?


Your home’s equity is the amount available after subtracting what you owe on your mortgage, as well as any other debts secured by your home, from the value of your home. Use our home value estimator to find out how much you may be able to borrow with a Chase home equity line of credit.

If you already have your mind set on a big purchase or home improvement, like remodeling your kitchen, buying a new car or paying off student loans, make a list of any costs associated with your purchase to make sure your home’s equity can finance it. Then, you can apply for a line of credit for the exact amount you need.


Do I have all of the documents (proof of employment and income) I need to apply?


During the application process, we’ll ask you (and any co-applicant) for a variety of financial information and documents depending on your income sources which may include paystubs, W2s, all pages of your tax return, investment and retirement income, and any other source of income (like alimony, child support and separate maintenance) that you’d like us to consider as a basis for repaying your home equity line of credit. Learn more about what to expect during the application process.

Do I know what my financial goals are and how do they affect my home equity options?


With a Chase home equity line of credit, you can pay for home improvements, consolidate debt, pay for college tuition and make other big purchases, all at a low interest rate. While you repay your line of credit at a variable rate you can also switch to a fixed rate for free with the Chase Fixed-Rate Lock Option. This option allows you to lock in all or a portion of your outstanding balance at any time during your draw period.