HomeBridge is pleased to announce the Expanded Plus Alt-Doc Limited option is being enhanced to include self-employed borrowers (previously was limited to salaried, wage earner and commissioned borrowers).
Self-employed borrowers, with a 2-year history of self-employment, will now be eligible on the Alt-Doc Limited option with documentation requirements as follows:
- Most recent 1-year tax return (personal and/or business) as applicable,
- A year to date Profit and Loss, and
- Evidence of the existence of the business for a minimum of 2 years. Acceptable documentation includes:
– Copy of the Business License, or
– Business credit report, or
– A CPA or tax preparer attestation of the borrower’s percentage of ownership in the business and the borrower has been self-employed in the same business for a minimum of two (2) years is required.
This enhancement is eligible for new submissions on or after May 20, 2016.
The Expanded Plus guidelines, Program Comparison, and Submission Form have been updated with this information and posted on the HomeBridge website at www.homebridgewholesale.com.
If you have any questions, please contact your Account Executive.