1. Does my spouse have to be on the contract for deed?

If your spouse is listed on your bank account and has any income being deposited, they must be included on the contract for deed and must meet all program qualifications.  If not they do not have to be on the contract, even in a community property state.

 

2. What is the minimum credit score, and are there exceptions? -Equifax Soft pull ONLY

• No credit score is required if the buyer has a perfect housing payment history and can provide 2 alternative tradelines showing 12 months of payments with no late history.

• Otherwise, only an Equifax soft pull is used for credit.

  • W-2 employees must have a score of 600 or higher

  • Self-employed buyers must have a score of 660 or higher

• No exceptions are allowed outside of these requirements.

 

3. What are the guidelines for alternative tradelines?

Acceptable alternative tradelines include utility bills, cell phone bills, or insurance payments. These must show 12 consecutive months of on-time payments. The buyer must be the sole person listed on the account, with the only exception being a spouse who has no income deposited into the bank statements.

 

4. What are the rental verification requirements?

• Buyer(s) listed on the application must also be the only party listed on the lease agreement. With the only exception being a spouse who has no income deposited into the bank statements.

• A full 12-month history of consecutive, on-time rental payments is required.

• Verification must include:

  • A completed Verification of Rent form from the landlord PLUS

  • Supporting third-party documentation such as cancelled checks, bank statements showing withdrawals, Cash App, Venmo, or another verifiable third-party source. This is in addition to the verification from Landlord.

• Receipts and cash payments are not acceptable. Cash of any kind will disqualify the buyer.

• If the buyer provides a down payment of more than 5% and all other guidelines are met, a 12-month Verification of Rent backed by at least 3 months of third-party documentation may be considered.

• No late payments are allowed in the past 12 months. This includes even a rent payment made just 3 days late, if a late fee was charged.  Any late fee charged means the borrower does not qualify.  Any rent that was less than the amount due means the buyer will not qualify.