The new loan guidelines are also more friendly toward “moonlighters”. Borrowers with self-employment income from a second, non-salaried business don’t have to document this income if they qualify for a loan based on the income from their “regular” job. Mortgage approval for self-employed applicants When you’re buying a home or refinancing, you go through a set of specific steps. First, you apply for your loan, which you can do in-person, online, or by telephone. In most cases, the loan officer or processor takes your information verbally and submits it into an automated underwriting system (AUS).
You don’t usually have to fill out a bunch of forms yourself. You’ll need to document your income, savings/retirement/investment balances, and your debts. Lenders want your employment history, and they will check your credit.
Underwriting self-employed borrowers Based on your information, the underwriting system generates a response in minutes, either approving, declining, or referring your loan for human underwriting. Then, the human underwriter takes over. If the AUS approves you, the underwriter checks your documents to make sure that they match the information on your application.
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