Refer to the Fannie Mae Summary of COVID-19 Policies and COVID-19 website, as well as the Freddie Mac COVID-19 website and Selling FAQs for the most current details and requirements. If the most recent federal income tax returns are dated before 2020, the documentation and review requirements for a year-to-date Profit and Loss (P&L) and most recent three months bank statements continue to apply, as detailed in Fannie Mae Lender Letter 2021-03 and Freddie Mac Bulletin 2020-44.
If the most recent federal income tax returns are not older than 2020, self-employed borrowers are no longer required to provide a year-to-date Profit and Loss (P&L) and most recent three months business bank statements.Generally, the GSEs provide support for 30-year fixed-rate mortgages on single-family homes. Posted by Daniel Mccafferty on Feb 7, 2022ĪLERT – Self-Employed Income Update for Fannie Mae & Freddie Macįannie Mae and Freddie Mac recently revised the COVID-19 temporary requirements for borrowers with qualifying self-employed income as noted below. 316 2021 ADVOCATES’ GUIDE mortgages meeting the GSE guidelines, thereby decreasing the interest rates on these mortgages and lowering costs for homebuyers.
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