Underwriting Guidelines

  1. Borrower's total debt ratio may not exceed 41% of gross income unless there are compensating factors. Housing expense ratio may not exceed 29%.
  2. Total loan including any closing cost may not exceed 100% of the Kitsap County assessed value.
  3. Will accept a co-signer with the following guidelines:
    • Borrower credit must show no more than 3 late payments (more than 30 days late) in the previous 12 month period. If late payments have been made the city must be provided a reasonable explanation.
    • Borrower must have at least a 6 month job history.
    • Co-signer must have at least a 2-year job history.
    • Co-signer's credit must show no more than 1 late payment (30 days or more) in the previous 12 month period.
    • Borrower housing expense ratio can be 50% of gross monthly income if the combined total debt ratio of borrower/cosigner is 41% or less.