Tag: secondary employment

Fannie Mae – Business Losses – Secondary Employment: My borrower is qualifying on his IRA income but has a secondary business with large losses. Do I need to count those losses against him?

Answer: No, please see the highlighted text from the guidelines below. Reference: B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower (12/04/2018) Overview When determining the appropriate qualifying income for a self-employed borrower, it is important to note that business income (specifically from a partnership or S corporation) reported on an individual IRS Form 1040 […]

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