Ownership by Individuals
· Primary applicant:
o Must be an individual on the title
o Must submit credit application and must pass credit if only applicant
o Must be on the agreement
· Non-title applicant:
o Does not need to be on the title
o Must submit a credit application
o Must be on the agreement
· Exact name from title must be on the homeowner agreement and all credit applicants must be an executor of the agreement
Ownership by Trust
o Trustee must reside in the property and pass credit requirements
o Exact name of the trustee on the trust must be on the homeowner agreement and trustee must be executor of agreement
o Additional documents required: Pages of the document/trust showing the full name of the trust, all trustees, and the date of formation of the trust
Ownership by LLC, S Corp and C Corp
o Director or officer of the entity must reside in the property and must pass credit requirements
o Exact name of the trustee must be on the homeowner agreement and director or officer must be executor of agreement
o Additional documentation required: Business formation documents showing all officers and directors of the entity
Ownership by Individuals
Primary applicant:
o Must be an individual on the title
o Must pass credit requirements
o Must be on the agreement
Non-title applicants are allowed
Exact name from title must be on the homeowner agreement and must be an
executor of the agreement
Ownership by Trust
Trustee must reside in the property
Pass credit requirements
Exact name must be on the homeowner agreement and trustee must be an executor
of the agreement
Additional documents required: pages of the document/trust which shows the full
name of the trust, all trustees, and the date of formation of the trust
Ownership by LLC, S Corp and C Corp
Director or officer of the entity must reside in the property and must be an executor
of the agreement
Must pass credit requirements
Additional documentation required: business formation documents showing all
officers and directors of the entity