Express Cash Approval Criteria
- Conventional, conforming mortgages only (no jumbo, VA or FHA)
- FICO score ≥ 720
- Minimum Down payment ≥ 5% for Primary, ≥ 10% for Second Home, ≥ 15% for Investment Properties
- Debt to Income Ratio ≤ 40%
- 2 yrs continuous employment history (no gaps)
- W2 full-time salaried employee (qualifying with base income only, not bonuses or commissions)
- Hourly employees, only if they have been with the same employer for the past 2 years
- May only have 1 currently owned, retained property (must qualify with full payment)
- Primary Residence, Second Home, and Investment Properties all eligible
- No condos
Minimum Required Documents for Express Cash Approval
- Loan application completed (must include minimum 2-year residence, employment history and completed declarations)
- Express Cash Questionnaire completed, signed and dated by all borrowers, once eligibility is determined
- Credit inquiry letter completed by all borrowers
- REO letter completed by all borrowers
- Large deposit letter completed by all borrowers
- Asset statements and/or documentation verifying sufficient funds in checking, savings, stocks or IRA (NOT including any employer-sponsored accounts - 401K, 403B, etc.) to cover down payment and closing costs
- 1 paystub dated within the past 30 days
- Signed Resale Agreement
- If you or your Buyer would like to make an offer on a property, an offer deadline must be provided (if applicable). Once all minimum required documents have been provided, response time will be within 24 hours, and oftentimes the same day.
- If requested loan criteria change and fall outside the Express Cash Approval parameters, your buyer will continue onto their Accept.inc Cash Offer approval, subject to regular turn-times.
- Buyers must notify their Approval Specialist of any changes in income, assets, credit and liabilities that may affect their eligibility.
- Express Cash Offer approval is valid for 90 days from issue date.