February 23rd, 2018 11:11 AM by Steven Hofberg
Many self employed borrowers now only need one
year of tax returns to verify their income.* Also, now many borrowers only
need one year of being self-employed (instead of the previous
requirement of two years). Of course, like everything in the mortgage world,
there are exceptions and situations where clients still need to average two
years of income and two years of self-employment to qualify. However for a
majority of borrowers, this is going to be very helpful!
*In the past we have had to average two years so if your income
was growing, you did not get the full benefit of the increase.