1) Where is your income being derived, compared to the location of the property you are purchasing?

2) Has your job / position been transferred?
a. If yes – Provide proof of transfer
b. If No, continue.

3) Are you allowed to work remotely?
c. If yes – Provide Letter confirming this
d. If No, continue

4) How far is the commute from your place of employment?
e. If commutable / makes sense distance (e.g. 1 hour)
f. If No, continue
5) Do you have a place to stay while on shift?
g. If yes, we may need to use a “Shelter expense” on the deal, even if there isn’t one being charged
h. If No, consider OTHER Financing Options Below
*Keep in mind these questions are similar when talking to someone who is Self Employed. Lenders need to be able to feel comfort in the fact that PAST income levels will not be interrupted. So online businesses are not usually an issue while “Bricks and Mortar” style businesses would be.
Other Financing Options to Consider:

1) SECOND HOME: This program is excellent for high income earners or those who have limited debts/mortgages to pay – perhaps they need a second PRINCIPLE RESIDENCE for themselves due to travel, for their elderly parents, kids in school, etc. Down payment required is as little as 5% down however NO rental income can be used to debt service and the location needs to ‘make sense” (e.g. 2 homes in same city doesn’t make sense unless one is close to University for older kids)

2) RENTAL: Rates are higher, and 20% down is required, however we can then use the rental income to offset the mortgage payment until such a time that the transfer comes thru / income can be supported.