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For more on automated underwriting systems, please see our AUS BLOG. Make sure you are working with an experienced loan officer who knows Freddie Mac’s Loan Prospector AUS (LP). Freddie Mac is More Friendly with Self-Employed Borrowers Many mortgage loan officers are not experienced with Freddie Mac guidelines. Gustan Cho Associates do not have additional LENDER OVERLAYS on their conventional mortgage products. If the self-employed borrower has a strong history of being self-employed, you should only need to verify one year of income tax returns. The borrower normally needs to have a decent credit score. The general rule of thumb is if your business has been around for over five years. Depending on your automated underwriting system findings, you may only need to provide your lender with one year of income tax returns. Income Calculations for Self-Employed Mortgage with One-Year Tax Returnsįreddie Mac Self-Employed Mortgage With One-Year Tax Returns Income Calculations:įREDDIE MAC– Most mortgage borrowers and many loan officers are not aware of Freddie Mac’s one-year tax return guidelines. In this blog, we will detail some alternative loan options Gustan Cho Associates at having available for our self-employed individuals.
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This is a double-edged sword because you are then forced to pay higher federal income tax. It is a double-edged sword for self-employed individuals you may need to claim high income on your federal tax returns and not take many write-offs to qualify. Affording a home that is right for you and your family can be tough when you are self-employed If you are self-employed and seeking a mortgage, you may find that it is more difficult than you thought it would be. Self-Employed Mortgage With One-Year Tax Returns Guidelines With Only One Year Proof Of Income: The Automated Underwriting System Determines Number of Years of Income Tax Returns