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THE BELOW INFORMATION IS INTERNAL. DO NOT SHARE THE SPECIFICS WITH A CUSTOMER OR INSTALLER. |
EverBright EverFlex ,EverFix and EverEasy
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INTERNAL ONLY |
Background: This refers to PPA products 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)
Table of Content:
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Please be aware that as of October 18th 2024, The minimum credit score for all financing options will increase from 670 to 700. Applications with a credit score below 700 will no longer be eligible for “Conditional Approval”, Which previously required additional Debt To Income (DTI) Documentation
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Joint Applicants | |
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| Please refer to the Following Article to review the requirements to add a Co-Applicant or Co-Signer
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Credit FAQ’s | |
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Is there going to be a Hard Inquiry? | All credit initiations are soft inquiries.
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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 |
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Financing for PPA’s do not affect debt to income ratio (DTI)
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)
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How is my PPA Agreement going to affect my credit? | Only monthly obligation (plus any past due amounts) is being reported
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Credit Qualification Results Chart (Engine) | |
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Conditional Approvals - Income verification | |
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their income, |
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the customer will need to upload one of the following documents:
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How to Handle EB qualification Declined for Forclosure | |
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