New federal regulations, created as part of the Dodd-Frank lending reforms, stiffen requirements for verifying applicants’ ability to repay.
I encounter Buyers all the time that are self-employed. This story further illustrates why we ask them to be pre-approved with our preferred lenders BEFORE we ever look at Midtown Atlanta Condos! You don’t want to find the home of your dreams, only to have it disappear because you may not have enough down payment or your income is off kilter because you are self-employed!
See on www.nytimes.com