Received this today, I don’t know if these are F/F updates or just this lenders requirements..
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Update for self employed borrowers..
When self-employed income is used to qualify, in addition to 2 years tax returns, verification of the existence of the business is now required in underwriting with one of the following:
Letter from the business’ CPA, regulatory agency or professional association
Business listing or yellow page ad for the business
Business license
Internet website printout (acceptable sources include Borrower’s business website, government, union or professional association website)
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Update on condos:
Attached condo projects with 5 or more units may not have more than 10% of the total units owned by a single entity. If the project has fewer than 10 units, a single entity may not own more than 1 unit.
