Part Purchase Criteria

US Citizen(s) of legally enforceable age

Maximum 2 applicants

3 years of verified stable income (W-2 or tax returns)

No payment defaults in past 3 years

FICO Credit Score above 700

Minimum Initial Part Purchase 10% (15% if FICO below 720)

Maximum PITI* = 30% (28% if FICO below 720)

Maximum DTI* = 38% (36% if FICO below 720)

*calculated using rent instead of mortgage payments

Single family residential houses.

Clean, transferable Fee Simple title free of any liens and permitting long term rental arrangements.

Capable of supporting traditional bank mortgage financing and adequate property insurance.

Owner-occupied by the seller or a new home sold by a developer.

No structural, foundation or contamination related issues.

Good cosmetic and habitable condition with no significant work needed to make move-in ready.

Mains supply utilities (water, sewerage, electricity and gas if applicable).

If an aged property, suitably updated plumbing and electrical systems.

No active leaks, organic growth (mold etc.) or pest infestations.

No unconventional construction types (e.g. modular, manufactured).

Not a Tenancy In Common, freehold condominium or similar.

No restrictions on property occupiers (e.g. age restrictions).

The home will be the customer’s sole residence.

The Home Inspection Report, in a form approved by Part Purchase America, confirms that the home meets the Property Criteria.

The home has property and title insurance in place (this will be arranged by Part Purchase America).

The purchase price is within the agreed Home Budget and is not greater than the value in the Appraisal Report.

The customer’s initial Part Purchase is made from acceptable verified sources of funds.

Closing occurs within 3 months of application or a refresh of the Pre-Qualification including updated evidence may be required.

Closing occurs within 3 months of the Appraisal Report and Home Inspection Report or a refresh may be required.