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THE BELOW INFORMATION IS INTERNAL. DO NOT SHARE THE SPECIFICS WITH A CUSTOMER OR INSTALLER. |
EverBright EverFlex, EverFix,EverEasy, and Powershift.Background:
This refers to PPA’s (EverBright EverFlex, EverFix, EverEasy, and Powershift) only. The customer must submit a credit application and pass the credit criteria and title criteria sign the agreement to be eligible. The criteria include a combination of credit score/s and requirements, including mortgage, debt delinquency, mortgage, and bankruptcy . One of the credit applicants must be on the title of the property and must be a signer of the agreement.
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Criteria
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FICO: 650-699
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FICO: 700+
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Bankruptcy
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None in the last 3 years
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None in the last 3 years
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OFAC
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Pass or Fail
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Pass or Fail
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Collections
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None active- remove medical
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None active-remove medical
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New Tradelines
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< 3 in the past 6 months
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No requirement
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Other Late Payments
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None in the last 12 months
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No requirement
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DTI
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No requirement
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No requirement
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Savings Rule
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$1 in first year
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$1 in first year
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Credit Inquiry Type
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Soft inquiry
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Soft Inquiry
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Mortgage Late
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None in the last 36 months
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None in the last 12 months
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and income (DTI).
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Joint Applicants
Regardless of past credit history, all applicants are welcome to apply. However, we encourage co-applicants to submit a credit application to increase the chances of qualifying for the product. Credit decisions are based on the strongest credit profile of the applicant(s).
There are a maximum of 2 applicants allowed on any credit application
If using a co-applicant, the co-applicant must either:
Be on title
Live in the home or have a vested interest in the property
Credit FAQ’s
Credit initiation for PPA’s are soft pulls only.
One of the credit applicants must be on the title of the property and must be a signer on the agreement
Credit approval expires 60 days after credit decisioning - Public InformationFinancing for PPA’s do not affect debt to income ratio (DTI)
Credit cannot be initiated for an individual more than 2 times within 30 days for the same applicant
Credit can be transferred to a new project for the purpose of a financial product change by the applicant(s)
Must be the same individual’s credit being transferred to the new projectCannot extend past credit expiration limit (90 days) - Internal use only
Credit Qualification Results Chart (Engine)
The following chart shows the potential results subsequent to running pre-qualification:
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Conditional Approvals - income verification
Conditional approvals will require further documentation to move forward. The customer will receive an email with a list of required documentation.
In order to verify your their income, please the customer will need to upload one of the following documents:
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If customer is unable to find the credit stip stipulation email that was sent, then customer may send the requested proof of income documents to the following email at: dealprocessing@goeverbright.com.
If you have any questions or need further assistance, please contact the Everbright Title and Credit Support team at 1-833-830-0475.