Now that we have the Type Of Income...set the Expectation for the Documents we will need:
Salary - Job Letter - 2 Pay Stubs + Arin Analyzer
Commission - Job Letter - 2 Pay Stubs and last Year's NOA - Arin Analyzer
Self-Employed - 2 Years NOA - Business Registration - Arin Analyzer
CCB Income - Arin Analyzer
Pension Income - Arin Analyzer
If the client mentions they have had a CP-BK or Debt Management Program we will need the paperwork to show # 1 - The List of Creditors included # 2 - If it has been Discharged - The Discharge papers # 3 - If they have not been dissharged ensure they provide us the monthly payments due to the Trustee.
NOTE: WE WILL ASSIGN A REALTOR TO HELP YOU AND THE ASSIGNED INVESTOR IDENTIFY SUITABLE PROPERTIES. CONFIRM THIS WITH THE TENANT.
TheI DP is NOT a Fee...This is to show the tenant is serious about their commitment to our Rent to Own Program and also to become a future Home Owner.
When the IDP is paid, the Tenant is registered into our PTHO program. (Explain the high level Benefits here)
Upon successful completion of the RTO Program the IDP is returned to the Tenant as our way of saying Thank You for successfully exiting and the IDP will be credited towards the costs associated with buying the home in the future.
IT ONLY BECOMES A FEE WHEN THEY DEFAULT.
If the client has an EQUIFAX or TU account ask the client to provide a "expanded view" credit report from either.
WE DO NOT ACCEPT CREDIT KARMA OR BORROWELL REPORTS.
If the client does not have an EQ or TU account, advise them that we can pull their Crediot Internally and when they complete the Rent to Own Program Agreement, they will provide us the consent inside of that form which will allow us pull Credit.
If they refuse to allow us to pull Credit direct them to the Link below and they can get their own.