Good news! When it comes to documenting income, self-employed borrowers can get back to normal.
What does this mean?
Borrowers who rely on self-employment income may now submit their most recent tax returns, so long as they are no earlier than 2020, in typical scenarios.
How does this help?
Under previous Covid-era rules for certain government-backed loans, self-employed borrowers had to submit recent P&L statements, asset account statements and more. It’s much easier for most to supply tax returns instead.
Good news! We can now offer conforming loans up to $625,000, about $75,000 beyond our previous limit!This means your buyers will have more down payment flexibility (and possibly lower rates) when financing a higher priced home.
If you or your clients would like to know more about what we can offer for a particular scenario, please reach out. I’ll be honored to help.
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