Azora’s Comparable Credit Policy Overview
Azora’s Comparable Credit Policy requires evidence of previous credit experience under the following conditions:
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Eligibility: Applicable to Streamline product only.
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Requirement: Borrowers must demonstrate at least 6 months of active repayment history on comparable credit facilities.
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Exclusions: Revolving credit facilities such as credit cards are not considered.
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Homeowner Requirements: Homeowners must provide 6 months of mortgage statements as evidence. Paid-out credit is acceptable if supported by a statement dated within the last 12 months.
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Not Required for Accelerate: The Accelerate product does not require comparable credit to be demonstrated.
- Rule of Thumb: Comparable credit should be around 70% of the loan amount. For amounts below 70% down to 40%, a 20% deposit may be required