Posted by Ed Garcia on March 04, 2002 at 09:25:12:
When you state that “Now we are being told by our lender that our business has to be established at the same address for 2 years in order to qualify”. That’s either a cop out by the lender and there is something else wrong with your deal, and the lender doesn’t want to go into it. Or, the lender is new and doesn’t know what they’re doing. You and customers like you, are the reason for loans such as Stated Income, NIQ (none income qualifiers), NIV (none income verification), Easy docs, Lite docs, and the list goes on.
Giving your Broker or Lender the benefit of a doubt, and assuming they were just trying to get you a Fannie mae / Freddie mac loan, they could do a better job.
Lauren, I would go to another lender and get a second opinion. If you can, try to get a copy of your credit report from the first lender for your records and to share wit the second lender. This way you won’t muddy up your credit report with inquires.