Checklist for Self-Employed Borrowers During COVID-19
It’s always been a little tougher for self-employed borrowers to obtain a home loan then it is for regular W-2 employees. And, since the COVID-19 pandemic, self-employed borrowers are now required to provide even more information to prove their income to the lender. For instance, a self-employed borrower will now need to provide a profit-and-loss statement as well as their 2 most recent months’ worth of business deposit account statements at the time of application. Many lenders are implementing temporary eligibility requirements for self-employed borrowers based on announcements made by Fannie Mae and Freddie Mac which will remain in effect until further...
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