To maintain responsible lending practices and ensure that customers are well-positioned for success with their solar loan, all applications must meet specific underwriting criteria. Below is a summary of the requirements for residential solar loans.
Minimum Credit Score Requirement
Customers must have a minimum FICO score of 680.
The score used is pulled from Equifax at the time of application.
Debt-to-Income (DTI) Ratio
The customer’s debt-to-income (DTI) ratio may not exceed 50%.
Income Verification
Income verification is required for every application.
Customers are asked to upload proof of income directly during the loan application process.
Accepted Income Documentation
Examples of acceptable income documents include:
A W-2 form
A recent tax return
At least one month of paystubs
These documents allow our underwriting team to confirm the borrower’s ability to meet repayment obligations.
Summary
To qualify for a residential solar loan, customers must meet the following conditions:
FICO score of at least 680 (Equifax)
DTI ratio not exceeding 50%
Verified income documentation uploaded during the loan application
By meeting these requirements, customers demonstrate financial stability and eligibility for loan approval.