Key Qualification Criteria
Our flexible qualification criteria are designed to help more families achieve homeownership. Here are the key requirements you need to meet.
Credit Score
580 minimum
Alternative credit sources accepted for those without traditional credit history
Down Payment
3.5% minimum
96.5% LTV financing available for qualified borrowers
Income Stability
2+ years
Multiple income verification options available
Debt-to-Income Ratio
43% maximum
Flexible DTI requirements with compensating factors
Property Type
Primary residence
Single-family homes, townhouses, and condos eligible
Identity Documentation
ITIN/SSN
ITIN and DACA recipients welcome
Detailed Loan Requirements
Our comprehensive requirements are designed to ensure successful homeownership while remaining accessible to qualified borrowers.
Credit Requirements
Flexible credit requirements designed to help more families qualify
- Minimum 580 credit score
- Alternative credit sources accepted
- No recent bankruptcies (within 2 years)
- No outstanding tax liens
- No foreclosures (within 3 years)
- Reasonable debt-to-income ratio
Income Requirements
Multiple ways to verify income, including non-traditional sources
- Stable income for 2+ years
- Sufficient income to cover loan payments
- Multiple income documentation options
- Self-employed income accepted
- Part-time income considered
- Overtime and bonus income eligible
Identity Requirements
ITIN and DACA recipients welcome - no SSN required
- Valid government-issued photo ID
- ITIN or SSN
- DACA documentation (if applicable)
- Proof of legal residency
- Valid passport (if applicable)
- Driver's license or state ID
Property Requirements
Focus on helping families achieve primary homeownership
- Primary residence only
- Single-family homes, townhouses, condos
- Property must meet safety standards
- Homeowners insurance required
- Property appraisal required
- No investment properties
Required Documentation
Gathering these documents early will help streamline your loan application process. Our team will guide you through each requirement.
Identity Verification
- Valid government-issued photo ID
- ITIN letter (if applicable)
- DACA documentation (if applicable)
- Social Security card (if available)
- Passport (if applicable)
- Driver's license or state ID
Income Documentation
- W-2 forms (last 2 years)
- Pay stubs (last 30 days)
- Tax returns (last 2 years)
- Bank statements (3-12 months)
- 1099 forms (if applicable)
- Business P&L statements (if self-employed)
Credit Information
- Credit report authorization
- Alternative credit sources (utility bills, rent payments)
- Credit explanation letters (if applicable)
- Collection account documentation (if applicable)
- Bankruptcy discharge papers (if applicable)
- Credit counseling certificates (if applicable)
Property Information
- Property address and details
- Purchase agreement (if available)
- Property inspection report
- Homeowners insurance information
- Property appraisal
- Title search results
Why Choose DreamBuilder?
Our innovative loan program offers unique advantages that make homeownership accessible to families who may not qualify for traditional financing.
96.5% LTV Financing
Maximum financing with only 3.5% down payment required
Flexible Credit Requirements
580 credit score minimum with alternative credit options
ITIN/DACA Eligible
No SSN required - ITIN and DACA recipients welcome
Government Entity Backing
Secure program with government entity backing
Competitive Interest Rates
Competitive rates for qualified borrowers
Flexible Income Documentation
Multiple income verification options available
Tips for Meeting Requirements
Follow these tips to improve your chances of qualifying for a DreamBuilder loan and achieving your homeownership goals.
Check Your Credit Early
Review your credit report and address any issues before applying
Gather Documents
Start collecting required documentation early to avoid delays
Improve Your Score
Pay bills on time and reduce debt to improve your credit score
Save for Down Payment
Start saving early to meet the 3.5% down payment requirement
Maintain Stable Income
Keep consistent employment and income for at least 2 years
Consult Early
Schedule a consultation to understand your specific requirements