Getting a Mortgage Becomes Easier for the Self-Employed
For the self-employed, the mortgage process can be time-consuming and cumbersome. Lenders often require extra paperwork, such as full documentation of tax returns from the last couple of years (not just the electronic copy submitted to the IRS). Even after that, the person may still lack an income steady enough to qualify or face extra fees once they are approved.
However, mortgage financing giants Freddie Mac and Fannie Mae have recently made changes to an automated system that could help more self-employed individuals qualify for a mortgage.