UPDATE: Self-employed and Second Home Products Continue to be Supported
May 2, 2014 | News Releases
We would like to take this opportunity to confirm our continued support of the Low Doc Advantage™ (business-for-self) and Lifestyle Advantage™ (second home) products for qualified applicants with a strong credit profile. Please note the important update affecting the Lifestyle Advantage product.
Low Doc Advantage | No Change
- Self-employed borrowers, with a strong credit profile, continue to qualify using non-traditional income verification provided the income is consistent with the borrower’s profession and industry.
Updated Lifestyle Advantage Property Eligibility | Effective May 30, 2014
- Effective Friday, May 30, 2014, only properties with a maximum of one unit will be eligible under the Lifestyle Advantage product. Previously, two-unit properties were allowed.
- The property must be owner-occupied or occupied by a member of the owner’s immediate family as defined as a person related to the borrower by marriage, common-law partnership or any legal parent-child relationship.
Should you have any questions, please do not hesitate contact your dedicated Account Executive or speak with a member of our National Underwriting Team at 1.877.244.8422.