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Credit Qualifications: EverBright PPA / Lease

Credit Qualifications: EverBright PPA / Lease

Owned by Greg Garfinkel (Unlicensed)
Last updated: Dec 19, 2024 by Rafael Gonzalez
3 min read

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

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

Credit FAQ’s

 

 

Is there going to be a Hard Inquiry?

 

 

Do we need both applicants in the title too?

 

 

 

When is the Credit Approval going to expire?

 

 

 

Can a Credit be transferred to a new project?

 

 

 

 

How is my PPA Agreement going to affect my credit?

 

 

Credit Qualification Results Chart (Engine)

Credit Qualification Results Chart (Engine)

 

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

Conditional Approvals - Income verification

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.

 

 

 

 

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:

 

Related Articles:

Co-Signer/Co-Applicant Requirements