The maximum line amount, or credit limit, on your HELOC is based on how much equity you have in your home, your credit worthiness, your debt-to-income ratio, and your combined loan to value ratio or CLTV.
CLTV is your overall mortgage loan debt expressed as a percentage of your home’s fair market value. If your home is worth $100,000 and you owe $40,000 on your mortgage and HELOC combined, then your CLTV is 40%.
When you get a HELOC through Prosper, your mortgage and HELOC combined can be worth as much as 90%3 of your home’s fair market value. Consider what that means for your line amount by using Prosper’s HELOC calculator.