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EverBright PPA and Lease

Note

INTERNAL ONLY

Background: This refers to PPA products only. The customer must submit a credit application and pass credit criteria and sign the agreement to be eligible. The criteria includes include a combination of credit score/s and requirements, including mortgage, debt delinquency, mortgage and bankruptcy. One of the credit bankruptcy and income (DTI)

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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

  • Please refer to the following KB Article: (Click Here)

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.

Please refer to the Following Article to review the requirements to add a Co-Applicant or Co-Signer

  • There are a maximum of 2 applicants allowed on any credit application

  • If you are adding a co-applicant, the co-applicant MUST be in the Property’s TITLE

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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

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When is the Credit Approval going to expire?

Credit approval expires 60 days after credit decisioning - Public Information

Can a Credit

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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

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Cannot extend past credit expiration limit (90 days) - Internal use only

EverBright EverOwn

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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

  • 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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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 their income, the customer will need to upload one of the following documents:

  • 2 most recent paystubs

  • Most recent W2 form

  • First 2 pages of most recent 1040 tax return form (displaying full name and signature)

  • Most recent 1099 form

Info

If customer is unable to find the credit stipulation Docusign Email that was sent, then ;

If Chat or Email:

  • please redirect them to contact our C&T team at 877-465-2496

    • The Line will first go to our SS support team, who will need to reach out to C&T to resend the DocuSign link.

If Phone:

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How to Handle EB qualification Declined for Forclosure

  • Installer contacts support and indicates that the customer’s EB qualification has been declined for a property foreclosure and that the customer denies having a foreclosure.

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  • This can be completed by sending the mortgage statement via email to dealprocessing@goeverbright.com or uploading it to Engine under the documents section on the qualification page:

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Related Articles:

Co-Signer/Co-Applicant Requirements