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FHA change that will affect self-employed borrowers

Posted on May 17, 2012 by Ray Williams (NMLS #216267).

So if you are self-employed, you are usually busy running your business. Many of you have learned that you have to align your taxes with your real estate needs. That way when you go to qualify for home loans, business lines of credit, or other financing, you can get approved.

One recent change to FHA will be of interest to all self-employed borrowers. Did you know you will now have to have a profit and loss statement prepared for your mortgage lender going forward ? Now that the 1st quarter has passed in 2012 be prepared and let your bookkeepers know, or keep yours up to date once you think you’ll be taking out a mortgage. Here is the link tot he FHA mortgagee letter that outlines the new requirements.

In a nutshell, be prepared to have a current profit and loss for your mortgage lender when you are self-employed.

If you are self-employed, and need an experienced lender to guide your mortgage application, let me know , or apply here for your next mortgage.And make sure you are working with a mortgage lender in Denver, who knows how to read your tax returns because otherwise you may be told NO!

To your success~

Ray Williams, Branch Manager, Summit Home Mortgage, Denver

303.779.0591 x101

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