freddie mac guideline for self employed tax returns 2017

You might qualify with just one year of self–employment if you can show a two–year track record in a similar line of work. However, there are exceptions to the two–year rule. Lenders define “self–employed” as a borrower who has an ownership interest of 25% or more in a business, or one who is not a W–2 employee. Most mortgage lenders require at least two years of steady self–employment before you can qualify for a home loan. Verify your self-employed mortgage eligibility. Proving your cash flow as a business owner, contractor, freelancer, or gig worker can require more paperwork than for W–2 employees.īut as long as you meet loan guidelines and can document steady, reliable cash flow, being self–employed should not stop you from buying a home or refinancing. The part that can be tough is documenting your income. You’re held to the same standards for credit, debt, down payment, and income as other applicants. There are no special requirements that make it harder for self–employed people to get a mortgage. Self–employed mortgage borrowers can apply for all the same loans “traditionally” employed borrowers can. Janu13 min read Self–employed mortgages are readily available

Freddie mac guideline for self employed tax returns 2017