Effective December 8, 2008, the following changes have been implemented to the Genworth BFS Program.
* Borrowers with commission income are no longer eligible
* The income reported by the borrower must be reasonable based on the industry, length of operation and type of business.
* Beacon Scores have increased for 95% LTV deals – Primary Applicant must have a 700 beacon (up from 680) and the Secondary Borrow must have a beacon of 680 (up from 650)
* Strong credit and credit score with minimum 2 trade lines with at least two (2) years history
* Maximum LTV for Refinances has been reduced to 85% (down from 95%
Other Business-For-Self Guidlines, please click here.
Filed under: Am I Qualified?, General Mortgage News, Self-Employed Mortgage (BFS)
