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Self-employed getting a mortgage, why Fannie Mae just threw you a curve ball

Self-employed getting a mortgage, why Fannie Mae just threw you a curve ball

As of tomorrow FNMA 9.0 goes into effect for underwriting Conventional mortgages. What this means to many self-employed borrowers could be impactful. You see for as long as I can remember we have underwritten a Conventional loan and had to get 1 year of tax returns for you if you are self-employed. We qualified you off this 1 year income calculation. Whereas, FHA has always asked for 2 years tax returns, and takes a 24 month average.

So effective tomorrow Fannie Mae (conventional loans) will require 2 years tax returns for those qualifying self-employed borrowers. This could definitely impact many folks who are not ready. If your income in 2012 is good and you are self-employed be very mindful of how you prepare to file your 2012 taxes. That way you can be bankable by using 2011 and 2012 returns. Talk to your C.P.A now!

If you are self-employed and need solid mortgage advice from an experienced mortgage lender, let me know~

Ray

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Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.

387 N Corona St #646, Denver, CO 80218.

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Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

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