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Credit FAQ’s

Is there going to be a Hard Inquiry?

All credit initiations are soft inquiries.

  • They will convert into a hard inquiry either 30 days after the agreement is signed or Milestone 1 (M1) is approved (Whichever occurs last)

Do we need both applicants in the title too?

Both credit applicants must be on the title of the property and must be a signer on the agreement

When is the Credit Approval going to expire?

Credit approval expires 60 days after credit decisioning - Public Information

Can we Initiate a Credit application multiple times?

Credit cannot be initiated for an individual more than 2 times within 30 days for the same applicant

Can a Credit be transferred to a new project?

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 project

How is my PPA Agreement going to affect my credit?

Only monthly obligation (plus any past due amounts) is being reported

  • This means that your credit reflects only your current monthly obligation rather than the enire contract balance

Tip

Please refer to the following article: (Click Here)

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Credit Qualification Results Chart (Engine)

  • The following chart shows the potential results subsequent to running pre-qualification:

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