Credit Qualification: EverBright EverOwn (RIC)

Background:

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).

RIC credit initiations are soft inquiries that convert to hard inquiries

All credit initiations are soft inquiries. They will convert into a hard inquiry no sooner than 30 days after the agreement is signed and M1 is approved.

Soft vs. Hard Credit Pull

Soft credit pulls and hard credit pulls are two different types of inquiries. Here are the key distinctions between a soft credit pull and a hard credit pull:

1. Purpose

   • Soft Credit Pull: A soft inquiry is typically done for informational purposes or as a preliminary step. It is often used for pre-approval offers or to conduct background checks. Soft pulls do not affect someone’s credit score.

   • Hard Credit Pull: A hard inquiry is performed when a lender or creditor needs to evaluate the creditworthiness of a credit application. It is typically associated with applying for a loan, credit card, mortgage, or other types of credit. Hard pulls may impact someone’s credit score temporarily.

2. Impact on Credit Score

   • Soft Credit Pull: Soft inquiries have no impact on an individual’s credit score. They are not visible to other lenders or creditors, and they do not affect an individual’s creditworthiness.

   • Hard Credit Pull: Hard inquiries can affect an individual’s credit score.

3. Access to Information

   • Soft Credit Pull: Soft inquiries provide limited access to an individual’s credit information. They typically show only a summary of the credit report, including credit accounts, payment history, and public records.

   • Hard Credit Pull: Hard inquiries provide full access to an individual’s credit information. They include a detailed review of the credit report, including account details, balances, payment history, and any derogatory remarks. Hard inquiries are visible to other lenders or creditors who access the individual’s credit report.

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.

• 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

• One of the credit applicants must be on the title of the property and must be a signer on the agreement

• Credit approval expires 60 days after credit decisioning - Public Information

• Credit cannot be initiated for an individual more than 2 times within 30 days for the same applicant

• 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

Credit Qualification Results Chart (Engine)

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

Open

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 email that was sent, then customer may send the requested proof of income documents to the following email at: dealprocessing@goeverbright.com.

Related Articles:

Co-Signer/Co-Applicant Requirements