Tag: Self-employed

FAQs for COVID-19 Impact – Fannie Mae Lender Letter 2020-3, 2020-4- Freddie Mac Bulletin 2020-14 and FAQs.

Written by: Lloyd Rutherford, Staff Writer Staying up to date with all of the temporary guidance for COVID-19 is a challenge, to say the least.  Our experts are scouring through all of these updates and breaking them down to help guide you through these changes. Rule Synopsis: The GSE’s (Fannie Mae and Freddie Mac), at […]

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Freddie Mac – COVID19 Updates – Condo Projects – Appraisal FAQs – ChoiceRenovation

Written by:  Lloyd Rutherford, Staff Writer Effective Immediately with all loans in Process! Rule Synopsis: Freddie Mac issued another Bulletin (2019-11) related to the COVID-19 related issues and they also updated their FAQ document to add additional questions that have cropped up due to the pandemic. Freddie Mac is taking a different approach than Fannie […]

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Fannie Mae & Freddie Mac Issue Covid19 Temporary Guidance – What You Need to Know!

Written by: Lloyd Rutherford, Staff Writer This is a must read article for anyone originating conventional loans. Fannie Mae and Freddie Mac have issued additional temporary guidance changes to assist lenders in navigating their pipeline during the Covid19 Pandemic. There have been a lot of releases and some of them are duplicated, so our expert […]

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Depreciation Add-Backs for Standard Mileage Deductions

Question: My client has mileage listed on his schedule C.  Can this be added back as a depreciate item and if so what is the mileage multiplier allowed by the IRS? Mortgage Currentcy – Income Analyzer – Depreciation and Mileage Deductions Answer: Yes, this can be added back, and the standard mileage deduction for tax […]

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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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