FAQ Handbook
Applying for Trio
The minimum credit score to be considered in qualifying for Trio is 580. This minimum is from a mid-score on a FICO mortgage credit report. FICO scores are often lower than consumer credit reports offered on the internet. Not all applicants with minimum scores meeting or exceeding 580 will qualify.Many factors are considered for qualification, including all of Trio's minimum qualification standards as outlined on thinktrio.com.
Trio has been approved by over 22 government agencies in the states of California, Georgia, and Texas, and currently has partnership agreements with HUD approved counseling agencies, national mortgage originators and large home builders. Trio has been providing households a pathway to homeownership since 2001 and is the oldest active lease-to-own provider for housing in the U.S.A.
Go to thinktrio.com and review our minimum qualifications. If you believe Trio is a good fit for you, select "apply". The application is free and will be reviewed by our team of underwriters within four business days.
Application through our website is provided through a secure URL. As with any time you are working with confidential information, you should be sure to use a secure internet connection on your end, and avoid public or unsecured Wi-Fi. Should you have any concerns, check with your internet service provider or complete a paper application and fax it to us.
If you have a recent credit report with all three credit scores, you can upload a copy to your portal. We can use this to provide a preliminary approval, but before we can approve you for financing, we need to run your credit report through our provider.
Visit our website at thinktrio.com/findahome.php to see available states and approved market areas within these states. If your area isn't available yet but you would like to know about updates to availability, register at the same location.
Once your application has been approved, you will be issued an approval letter which will specify the maximum monthly payment and approximate home price you are approved for. Your approved maximum monthly payment is determined based on income, cash reserves and debt load. To estimate your maximum approved home price, go to Compare Trio and select the home price that is closest to your budgeted monthly payment. To estimate a monthly payment that you may qualify for, see Trio's payment estimator under 'Get Started' on thinktrio.com. With a few exceptions made for higher income households, the maximum payment you can qualify for with Trio is 38% or less of your gross household income. So if your gross household income is $5,000, your maximum payment would be a maximum of $1,900 ($5,000 x 38%). Note that your approved payment may be limited due to your other debt obligations, housing history or credit history. Trio approves payments to a maximum of 50% of your gross household income less your other debt obligations (generally as reported on your credit report) or 38%, whichever is less.
Generally only applicants who meet the other requirements including credit score, no active judgements, etc. will be able to contribute to qualified income, but it's always best to let us know your situation. Use the comment section on our website or email apply@thinktrio.com (be sure to include your application ID).
You need to have current income documented through deposits and paystubs over the last 2 months. We don't need to wait a full six months to consider your income, but we do require verification that you have steady income in place. Once you have two months of paychecks, your application can be updated with your new income for qualification.
A bankruptcy must be discharged before we can make an approval. A foreclosure or short sale must be satisfied and reflected on your credit report or approved by the courts. We will likely require a copy of the documentation supporting the discharge or release of the related issue.
You can use Trio financing on a contingent offer just like you would with a mortgage. You should ensure that you are fully approved with the sale of your home the remaining contingency. Also, you will need Trio to pre-approve the home you wish to purchase.
Your income needs to qualify for both payments, or you need to have a signed rental agreement in place before we can provide final approval to finance your new home. It is required that you have 4 months payments in cash reserves instead of our standard 2 months. Trio will require 2 months of payments under the rental agreement to qualify the income. If you currently own a home you would need to use TrioSelect, as TrioFirst requires you to not have owned a home in the last year. We may make an exception if you are moving for employment purposes or if your current home is worth less than you owe. Please note your individual details on your application.
If you have already made a mortgage application but are interested in Trio, you can request your application and supporting documents from your lender to expedite review. They can give it to you to upload into your portal (you will be given upload instructions upon application) or they can mail it to 601 - 108th Ave NE, Suite 1900, Bellevue, WA 98004. For your security we do not accept confidential documents via email.
Your approved maximum monthly payment may be increased upon your request or limited by Trio's underwriting team should you have a larger amount of fixed obligations on your credit report. Items that may add to limitations on approved amounts could be car and credit card payments, student loans, etc. Factors that lead to increased monthly payments include larger amounts of savings, higher credit scores, and higher household income. See payment estimator to check how much you could qualify for with Trio.
Trio uses a tri-merge FICO mortgage credit report, starting with your middle credit score. If this is 580 or above, then Trio evaluates the remainder of your credit. This score is often significantly less than consumer based scores. Even with scores above 580, you may be denied for credit if you have significant unresolved collections, repossessions, judgements, liens or other similar items. Trio want to ensure you have a chance to qualify for a mortgage by the end of your lease term. However, no review or approval by Trio or its lending partners can guarantee future qualification.
If a member of the household doesn't have income or has a lower credit score or lacks a credit score, Trio may not rely on their credit for approval, but they will be required to sign the lease and have a completed background check. All occupants over 18 must pass a background check and sign the lease.
You can qualify for Trio if your bankruptcy has been officially discharged by the courts. We will require confirmation of discharge on your credit report or a copy of your discharge paperwork before final approval.
You are eligible for financing with Trio as soon as your foreclosure or short sale has been recorded. Trio will require verification either from your credit report or from the title records on your home.
For self-employed applicants, we need to verify your monthly cash flow to determine your qualified monthly payment. We require your prior year's tax returns, current profit and loss statement, and a copy of your most recent two months' personal and business bank statements. We do not base your approval on your tax returns, but do compare your cash flow to what is reported for taxes.
Anyone who will reside in your Trio financed home that is over 18 year of age is required to pass a background check and sign the Trio financing agreement.
You can qualify for TrioSelect if you currently own a home. Your income will need to support both homes, less any rental income. If you are relocating because of employment or family purposes, Trio may make an exception for you to qualify for TrioFirst.
Unsettled judgements/liens, unresolved bankruptcies, home currently in foreclosure, high amount of debt relative to income, a poor rental history or an inability to document rental history, a lack of cash reserves or inability to document your reserves.
Savings, retirement, stock holdings and items that can be liquidated such as government bonds. Furniture, jewelry, automobiles and household possessions do not qualify as reserves.
Your minimum reserves may be increased by underwriting from 2 months to up to 4 months. It is also possible that a last month's lease payment may be required in certain circumstances, including the situations below:
Payment shock (meaning the monthly payment on your new lease will be substantially higher than the amount of rent you are paying now). Payment shock begins at 125% of your current housing payment and increases your reserve requirements to 3 months. After 200%, 4 months are required.