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 Qualification 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 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
3-Step Qualification Process
Our streamlined qualification process makes it easy to determine your eligibility and get started on your path to homeownership.
Initial Assessment
Complete preliminary qualification assessment
Requirements:
- Basic financial information
- Credit check authorization
- Income overview
Documentation Review
Review and verify required documentation
Requirements:
- Income verification
- Identity documents
- Credit information
Qualification Decision
Receive qualification decision and next steps
Requirements:
- All documentation verified
- Credit review completed
- Income verification confirmed
Tips for Meeting Qualification Criteria
Follow these tips to improve your chances of qualifying for the DreamBuilder program 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
Frequently Asked Questions
Common questions about DreamBuilder qualification criteria.
What is the minimum credit score required?
We require a minimum 580 credit score, with alternative credit sources accepted for those without traditional credit history.
Can I qualify with an ITIN?
Yes, our program is specifically designed to serve ITIN holders and DACA recipients.
How much down payment is required?
Only 3.5% down payment is required with our 96.5% LTV program.
What types of income are accepted?
We accept various income sources including W-2, self-employed, part-time, overtime, and bonus income.
How long does qualification take?
The qualification process typically takes 3-7 days from initial assessment to final decision.
What if I don't meet all criteria?
Our team works with you to find solutions and may offer alternative qualification paths.