jveenstra
 Community Experts

Joined: 10 Nov 2008
Posts: 340 Location: River Edge, New Jersey
85.80 Dollars($)
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Posted: Fri Nov 06, 2009 10:37 am Post subject: Self Employed |
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The policies with Fannie Mae and Freddie Mac regarding self employed borrowers is not NEW. The policies have always existed.
Their policy on an exception basis is a minimum of one year being self employed. The normal policy is to be self employed two full years and average the last 24 months income after expenses.
The exception for being self employed a minimum of 12 months can be ok sometimes if employed in the same line of work as before and making same income or higher and then they look at the total picture--credit history and scores and liquid assets, size of down payment, money left after closing etc.
While mortgage processing and underwriting are certainly tougher/stricter than they were two years ago, it may be possible when you pass the 12 month mark. _________________ John Veenstra
Senior Mortgage Consultant
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
800-475-0123 Ext 278
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