Tag: Self-employed

Freddie Mac Bulletin 2021-20 dated June 2, 2021

Written by: Sue Villanova, Staff Writer In this bulletin, Freddie Mac releases important updates pertaining to Exclusionary list searches, Condo and Coop project eligibility, Multiple Parcels, AIM for Self-employed borrowers, LPA Median Income implementation, and remote notaries. Rule Synopsis: There are multiple subjects covered that have various effective dates and are addressed below. Exclusionary List […]

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Borrower Income Changed from W2 to 1099

Question: My client has been in the same line of work and same position for years, however, he recently changed from W2 income to 1099 income. What is the minimum time frame for using this income to qualify for an FHA loan? Answer: FHA will allow a borrower to use self-employment income for qualifying if […]

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Self-Employed Borrower Switches Business Structure Type

Question: We have a borrower who is self-employed. In 2019 he switched from filing a schedule C to filing 1120-S. Does he still meet the history guidelines, or does he need to wait and file his 2020 tax returns as 1120? Answer: Yes, you would need to wait. The expense structure likely changed, and there […]

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