Finally some good news in the mortgage world! 🗞🗞→ Documenting income for self-employed buyers is returning to normal.
In typical scenarios, borrowers who rely on self-employment income may now submit their most recent federal income tax returns as proof of income, as long as the returns are no earlier than 2020.
Covid-era rules for certain government-backed loans required self-employed borrowers to submit recent P&L statements, asset account statements, and more. It’s much easier for most to supply tax returns instead.
If you know of anyone who delayed a mortgage because of the extra documentation requirements, there’s still time to act while rates remain near historic lows. Please reach out with any questions or to make a referral.