Client Qualification Criteria and Required Documentation
- A credit score of 700 or higher (exceptions can be made on a case-by-case basis for those with credit scores between 680 and 700).
- On-hand assets equal to 6 months worth of PITI (Principal, Interest, Taxes, and Insurance) or a minimum of $50,000. These assets must be in negotiable instruments, such as stocks, bonds, cash, IRA's, etc.
- Verification of assets is required for Qualification.
- A credit report free of both late mortgage payments for the preceding 12-month period and foreclosures in the preceding 48-month period.
- If self employed, qualified clients will provide a verifiable self-employment history covering a minimum of two (2) years. Stated income must be in accord with norms for the applicant's industry or profession. A copy of a CPA letter and copies of all pertinent business licenses are required for qualification.
Required Documentation:
Once all Qualification Requirements have been met, your clients will have only to confirm their participation in the project. Clients will need to return the following documentation with their signed contract:
- An Earnest money check for $2000.00, which shall be credited to their loan. These funds cover earnest money for the specified lot, appraisal costs, and fees associated with loan processing. Should a client fail to qualify for credit-related reasons, these funds are fully refundable. Qualified applicants who subsequently wish to exit the project are not entitled to this refund.
- A completed and signed loan application.
- Photocopies of 2 forms of identification (DL & SSN, or similar documentation).
- 2 full months of authenticated asset statements.
- Signed construction and lot contracts.
- If going full doc, most recent 2 years tax returns.
- Singed borrowers authorization form (UHT, Inc. will pull a credit report once, and your privacy is assured.).
- All basic loan disclosures.
UHT, Inc. will gladly provide you with all this information in single packet. Once we have received all necessary information and accompanying documentation, we can complete the Qualification Process in about 21 days - with construction commencing approximately 30 days after closing.