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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 we Initiate a Credit application multiple times?

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

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

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 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

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