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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 include a combination of credit score/s and requirements, including mortgage, debt delinquency, bankruptcy and income (DTI)

Table of Content:

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

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 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

Please refer to the following article: (Click Here)

Credit Qualification Results Chart (Engine)

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

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

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:

  • SS support Team will reach out to C&T to resend the DocuSign link to the Homeowner

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.

image-20241101-173934.png

  • 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:

Related Articles:

Co-Signer/Co-Applicant Requirements

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