Water heater leases allow a co-applicant, such as a spouse, domestic partner, family member or close associate of the primary applicant. Co-applicants are equally responsible for the lease. Misuse of the co-applicant feature, intentional or not, may result in restricted access for the installer.
Co-applicant rules
| Rule | Details |
A | Co-applicant email | Must be separate from the primary applicant's email |
B | To get approval | Both applicants' credit is run. At least one applicant must pass credit, and at least one must be on title. |
C | To reach NTP | Both applicants must sign the contract. Each applicant must create a home.palmetto.com account and complete identity verification. Payment and title can be completed by one of the applicants. See Water Heater: NTP Requirements. |
For credit minimums, see Water Heater: Credit Parameters & Sending Contracts.
Underwriting details
Underwriting may ask for documents showing both applicants at the same address. Send at least one of these, and more than one when you can:
Both applicants' driver's licenses showing the same address
A voided check or bank statement showing both applicants at the same address
A recent mortgage statement showing both applicants at the same address
"Recent" generally means issued within the last 60 days.
Common questions
| Question | Answer |
1 | Is it still a soft check? | Yes. All credit checks are soft. |
2 | What if one applicant has a bankruptcy? | The application can move forward if the other applicant meets all credit and underwriting requirements, including title verification. |
3 | Can a deceased person be a co-applicant? | No. |
4 | The co-applicant no longer lives there. Can they still apply? | Only if all approval and underwriting criteria are met. |
5 | Does credit score decide who is primary? | No. Both applicants are equally responsible for the lease. "Primary" and "secondary" are just labels, and Palmetto won't rearrange them. |
6 | My customer signed, so why doesn't the contract show as signed? | Both applicants must sign. DocuSign routes from the first signer to the second, so usually the second signature is still pending. |
7 | What if the home is in a trust or LLC? | At least one applicant must be a trustee, controlling member or owner, and provide documents confirming it. |
8 | What if the account is delinquent? | Both applicants face the same consequences, including late fees. |
9 | Can there be more than one co-applicant? | No. Applications are limited to 2 applicants. |
10 | My homeowner has lower income. Should we add a co-applicant? | Income and DTI aren't part of the credit criteria, so it won't help on that front. |
11 | Can I add, remove or change a co-applicant after running credit? | No. Run a new credit application with the correct applicants. |
12 | Why are the co-applicant fields grayed out? | The primary applicant already passed credit, so the fields are locked. Don't use Edit Account Details. Run a new credit application with both applicants using Run Credit Check or Email Credit App, with a separate email for the co-applicant. |
13 | Does a co-applicant raise the approval amount? | No. |
Need help?
Text INSTALLER to 888-531-3327 or open a chat in the Palmetto portal. Homeowners can call 855-339-1831.