In order to qualify for our Challenged Credit Program:
- Your Credit Score must be 550 or higher
- 10% down payment is required on any size recreation unit
- Your current debt to income ratio should not exceed 40%
- All outstanding collections & charge-offs must not exceed $10k in balances
- Bankruptcies must be discharged
- No outstanding child support obligation
Please note: All lenders will require income verification in the form of recent paystub accompanied with previous year’s W-2. If you are self-employed, you must provide 2 years of Federal 1040 tax returns with all corresponding schedules (No State returns). Verification for retirement, pension, VA and Disability are required. Unemployment benefits will not be accepted as income.
There are three ways you can apply with 316 Lending.
Step 1. Submit a credit Application that includes your best daytime contact number by using one of the three easy ways listed.
Step 2. Once your application is submitted, you will receive a call from one of our knowledgeable staff to member to discuss your purchase and gather additional information.
Step 3. Your application is then submitted to our lender(s). We will be contacting you within 24-48 hours with lender stipulations, requests and/or additional information needed.
Step 4. Once the lender’s decision is received, we will contact you to discuss the credit decision and loan options.
The whole process should be completed within 72 hours providing we receive all information and documentation necessary to complete the process.