Background:
This refers to PPA’s (EverBright EverFlex, EverFix, EverEasy, and Powershift) 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).
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. Credit decisions are based on the strongest credit profile of the applicant(s).
There are a maximum of 2 applicants allowed on any credit application
If using a co-applicant, the co-applicant must either:
Be on title
Live in the home or have a vested interest in the property
Credit FAQ’s
Credit initiation for PPA’s are soft pulls only.
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:
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.