What are the loan qualifications for pay at close?

Homeowner Qualifications

Homeowners must meet the following criteria:

• Credit score of 570+*
• Verified property ownership
• Loan to value ratio of less than 90% for above subprime or less than 70% for subprime
• Active, signed listing agreement with subject property
• Maximum loan amount:
  • $20,000 for prime/super prime credit (670+)
  • $5,000 for subprime credit (570-669)

Agent Qualifications

Agents must meet the following criteria:

• Credit score of 640+*
• Active agent or broker license in the state
• Active, signed listing agreement with subject property
• Payment must be less than half of expected commission
• Maximum loan amount: 1.5% of list price, up to:
  • $20,000 for prime/super prime credit (670+)
  • $5,000 for subprime credit (640-669)

Property Types Allowed

• Single family homes

• Condos, townhomes, TIC's

• 1-4 unit residential

• Manufactured/mobile homes (max $2500 loan amount)

Land, commercial, rentals, mixed use and multi-unit properties are not allowed.

Ownership Types Allowed

Ownership can be held in one of the following:

• Individual

• LLC (maximum list price of $1m)

• Trust

• Partnership

• Estate/Probate

Homes owned by a corporation are not allowed.

*Rates and score minimums vary by state. You can see an estimate of your rate here.