Overview:
Co-applicants are allowed on the LightReach financing for New Homes.
Disclaimer: Co-applicants are equally responsible for the Energy Plan obligations. Mis-use of the co-applicant feature, intentional or otherwise, may result in restricted access of the Certified Installer.
Getting Approved:
A | Co-Applicant email... | Must be a distinct/separate email from the primary |
B | To get approval with a Co-Applicant.... |
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C | To achieve New Homes NTP (M0) with a Co-Applicant... | In general, same existing New Homes NTP requirements apply:
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Underwriting Details:
LightReach underwriters may request additional documentation to confirm the co-applicants identity. In these situations, contact LightReach underwriting with at least one of the following. Providing multiple documents may be required in the circumstance, and is encouraged whenever possible.
Copy of both applicant's drivers licenses showing the same address.
Voided check or bank statement showing both applicants, on the same address.
Closing Documents on the New Home, showing both applicants, at the same address.
For the avoidance of doubt, 'recent' documents are generally defined as those issued within the last 90 days.
Frequently Asked Questions:
1 | Does credit need to be ran for both homeowners? | Yes, credit must be ran for both applicants. |
2 | Still a soft check? | Yes, all credit checks are soft. |
3 | I'm a sales rep. Can I be a co-applicant? | Only if the full approval & underwriting criteria are met. (you must have shared ownership of the home).
Intentional misuse of the co-applicant feature will result in immediate access termination. |
4 | My customer's co-applicant is deceased. Can I use them? | No. |
5 | My customer's co-applicant is estranged/does not live there anymore? | Only if the full approval & underwriting criteria are met. |
6 | Does credit score impact who is a primary vs secondary? | Big picture: Co-applicants (both parties equally responsible for the obligation) are distinct from having a co-signer (in which the primary is first responsible, and responsibility falls to the secondary if the primary fails to pay).
With this in mind, we use the terms 'primary' and 'secondary' largely for organizational purposes. |
7 | My customer signed the contract, why isn't it showing up as signed? | Contracts must be signed by both applicants. DocuSign packages automatically route from Signer #1 to Signer #2. In most cases, the customers have simply not yet executed Signature #2. |
9 | What happens if the primary is delinquent? | Big picture: Co-applicants (both parties equally responsible for the obligation) are distinct from having a co-signer (in which the primary is first responsible, and responsibility falls to the secondary if the primary fails to pay).
With this in mind, we use the terms 'primary' and 'secondary' largely for organizational purposes.
If there is a delinquency on the account at large, both applicants are subject to the potential consequences and actions of delinquency, just as a single-applicant Energy Plan would (including but not limited to late fees, impact to credit scores, etc.). |
10 | More than 1 co-applicant? | Applications are limited to 2 applicants. |
12 | Can I remove a co-applicant or change it after I have run credit? | Co-applicants cannot be removed once a credit application has been ran.
A new account must be created to run credit with a new co-applicant. |
13 | Can I get a higher approval amount w/ co-applicant? | No, approval amounts are not influenced by a co-applicant. |