Finally some good news in the mortgage world! 🗞🗞→ Documenting income for self-employed buyers is returning to normal.

What does this mean?

In typical scenarios, borrowers who rely on self-employment income may now submit their most recent federal income tax returns as proof of income, as long as the returns are no earlier than 2020.

How does this help?

Covid-era rules for certain government-backed loans required self-employed borrowers to submit recent P&L statements, asset account statements, and more. It’s much easier for most to supply tax returns instead.

If you know of anyone who delayed a mortgage because of the extra documentation requirements, there’s still time to act while rates remain near historic lows. Please reach out with any questions or to make a referral.