Self-employed mortgage borrower? Here are the rules

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Overview. When determining the appropriate qualifying income for a self-employed borrower, it is important to note that business income (specifically from a partnership or S corporation) reported on an individual irs form 1040 may not necessarily represent income that has actually been distributed to the borrower.

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The challenge for self employed borrowers is that your loans are more complicated than any other out there. The rule and guidelines are extensive and there are a ton of nuances, so choosing the best lender is more important for you than anybody else.

If you’re one of the 15 million Americans who are self-employed, you don’t have to give up the benefits of being your own boss in order to become a homeowner.. Although securing a mortgage while self-employed may prove a bit more challenging, you can still qualify for the same loan programs as traditional borrowers.

A non-qualified mortgage is any home loan that fails to comply with the Consumer Financial Protection Bureau’s (CFPB) existing rules on qualified mortgage. For a person to get a mortgage, he should have a steady employment record. This requirement suppresses the borrowers who have seasoned jobs or are self-employed.

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Mortgage Refinancing – We Can Help. There are many reasons why you may choose to refinance your mortgage. With equity in your home and the financial means to pay off a bigger mortgage, refinancing could secure you the funds to pay for renovations or to invest in property.

Mortgage Tip: If you own 24% of a business, you are not considered self-employed for the purposes of the loan application, and the lender will not need to obtain the corporate income tax returns.

 · QM Rules will make for even stricter underwriting, more loan application rejections, especially for the self-employed, and even higher interest rates for certain loans.

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