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