Tag: profit and loss

What Temporary Guidance Has Been Issued by FHA for Self-Employed Borrower Income?

Question: I am being challenged with a self-employed file and documenting it correctly.  What is needed in today’s COVID world? Answer: The requirements for the YTD P & L and the 2 months of bank statements are standard underwriting requirements. The only new COVID-related requirements for self-employed borrowers were recently issued in Mortgagee Letter 2020-23 […]

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Self-Employed Borrower Schedule C Add-Backs for Mileage/Vehicle?

Question: I have a self-employed borrower who does not have vehicle depreciation on his schedule C but does have a mileage deduction.  Will Fannie Mae allow this add-back? Answer: The last time the agencies addressed mileage rates as available income source was in the 2017 selling guides; since that time there is no longer any […]

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