Program Requirements

Program Requirements

Customer Requirements

(minimum guidelines, subject to adjustment based on customer credit) (add both Lease Option and DayMark Owned Home columns)

  • Minimum credit score:
    • Lease Option: 550
    • DayMark Owned Homes: 520
  • Minimum documented monthly income:
    • Lease Option: $4,000
    • DayMark Owned Homes: $3,000
  • Minimum rental coverage:
    • Lease Option: 4 x monthly rent
    • DayMark Owned Homes: 3 x monthly rent
  • Maximum DTI:
    • Lease Option: 43%, calculated on DayMark program guidelines
    • DayMark Owned Homes: 43%, calculated on DayMark program guidelines
  • Maximum LTV:
    • Lease Option: 95%
    • DayMark Owned Homes: 95%
  • Eviction:
    • Lease Option: Minimum 36 months post-event
    • DayMark Owned Homes: Minimum 36 months post-event
  • Bankruptcy:
    • Lease Option: Minimum 12 months post-discharge
    • DayMark Owned Homes: Minimum 12 months post-discharge
  • Foreclosure:
    • Lease Option: Minimum 12 months post-event
    • DayMark Owned Homes: Minimum 12 months post-event
  • Rental history:
    • Lease Option: Maximum 1×30 day delinquency
    • DayMark Owned Homes: Maximum 1 x 30 day delinquency

 

Home Requirements (Lease Option program)

  • Initial markets:
    • Atlanta, GA
    • Columbia, SC
    • Houston, TX
    • Indianapolis, IN
    • Louis, MO
  • Home type:
    • Single family detached
    • Townhouses (Please note that HOA fees will be considering in underwriting)
  • Sale type:
    • MLS listed – no REO, short sales or auctions
  • Home price:
    • $75,000 – $150,000
  • Minimum Bedrooms / Bathrooms / Sq. Ft.
    • 3+ BR / 2+ BA / 1,000+ Sq. Ft