iloan-self-employment-mortgage-guidelines-

Length of Self-Employment Mortgage Guidelines

With employers getting more and more creative in the way they hire, more and more would be homeowners with stable income find them self asking, “How long do I need to be 1099’d to get a mortgage or how long do I need to be self-employed to get a mortgage.”  The guidelines for this were static for a long time and then loosened during the 2000’s.  Since the Great Recession, they tightened and have finally normalized to something predictable (and rational I might add). While there are emerging subprime lenders that will allow bank statements as an alternative form of …

Are Realtors Ready for the New Self-Employed Borrower Guidelines?

For all loans this year where the borrower has ANY kind of self employed income feature, they will have extra steps to go through after 2010. This means that even if they have a very passive (anything more than 5% or total income; positive or negative) business or a rental property or anything like that, they’ll be put through the Spanish Inquisition of income documentation. What’s more important as a Realtor, is that you’re working with a loan officer that is very proficient in tax transcript analysis and knows how to prepare an accurate Self Employed Income Analysis quickly (an …