Can you use non-occupant borrower income? If yes, what are the documents required?
Yes. P&L or VOE.
Do we need a CPA letter along with the CPA prepared P&L?
The letter can come from a CPA, an accountant, an enrolled agent, or a Tax Preparer. Letter must include length of relationship with borrower, Borrower’s position/title, Ownership percentage of company, Business inception date, and Statement on good standing of the borrower’s business. Letter must be signed on the accounting firm’s letterhead and cannot contain any […]
Do reserves from asset accounts have to go back more than 1 month?
No. We are only looking for 1 month (the most recent month) bank statement to verify all funds.