Why It’s Easier To Qualify Now

Like nearly everything else, the mortgage industry has been rocked by the impact of the Covid pandemic, and some of the folks who felt that impact personally were self-employed borrowers. With businesses losing money, laying off employees, and even closing altogether in the early months of the pandemic, lenders couldn’t trust that an annual income metric would be up to date. In this week’s episode, Jamie Cavanaugh explains the additional requirements in place during Covid, and how things will change for borrowers now that lenders have lifted the additional requirements in response to the declining cases and hospitalizations.


Hey everyone it’s Jamie Cavanaugh with Amerifund here with your weekly mortgage update.

Anyone who is self employed and has applied for a mortgage in the past two years is probably familiar with the additional requirements that lenders have placed on your income documentation since the pandemic hit.

The reason this happened is because many businesses were forced to shut down or lost work and clients during the initial months of Covid.

Most likely you’ve had to provide a current Profit and Loss Statement, a Balance sheet and probably also a business bank statement in order to purchase or refinance a home. And the lender has used that documentation to calculate your qualifying income.

Prior to these temporary Covid guidelines, self-employed borrowers used their most recent filed tax returns for income qualifications.

Well – we have GREAT news! Effective IMMEDIATELY, these temporary Covid guidelines have been RETIRED and you can now qualifying using your most recent filed tax returns.

For many of our self-employed clients, this makes the difference in maximizing their purchase and refinance loan amounts.

If you would like to take a look at what you qualify for, reach out to us today!

And thanks for watching.


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