Good News for Self Employed borrowers, Fannie Mae and Freddie Mac have removed the COVID 19 income document requirements.

Good News for Self Employed borrowers, Fannie Mae and Freddie Mac have removed the COVID 19 income document requirements.

John McIntyre John McIntyre

John McIntyre

Mortgage Professional

发布日期: 2022年2月5日
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Effective Wednesday February 2, 2022 Fannie Mae and Freddie Mac removed the COVID 19 Guidelines for the self employed borrower. This is great news for self employed borrowers who were unable to obtain a mortgage in the past 18 months due to this guideline that was established in March of 2020.

The COVID 19 Guideline for self employed borrowers, added more documentation for the borrower to prove their income was not impacted by the pandemic. The borrower had to submit three most current months bank statements to show the business was generating the same income before the pandemic. They would have to provide current work orders or invoices to prove they are currently active. This guideline made it difficult for some self employed borrowers to meet these guidelines and were unbale to obtain a mortgage.

Now with the removal of the COVID 19 guideline, self employed borrowers have the ability to purchase a home or refinance and lower their payment or pull cash out.

Call John McIntyre 805 405-7359 to discuss the options for you



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