Properties located more than 75 miles from a borrower’s place of employment should not be underwritten as a primary residence unless the borrower can meet the remote employee requirements.
Remote employees are allowed to exceed the 75 mile limit with the following documentation and do
not require an exception if all items below are met:
- Letter on company letterhead detailing the parameters of borrowers remote working arrangement. Sharing information such as what your job entails, your hours, how much and how often you travel are also helpful - OR - VOE verbiage that the employee is a remote worker and does not have to report to a brick and mortar physical location; and
- Signed Borrower(s) Principal Residence Occupancy Agreement and Certification. The signed document must be received prior to CTC; and
- Proof of existing housing expense cancellation.
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