This is a YouTube video titled "Self-Employed Loans just got Easier Again!" containing a monologue or informational talk from February 8, 2022, explaining recent changes by Fannie Mae that simplify the process for self-employed borrowers to qualify for home loans by reverting to previous income documentation requirements.
Great news. Self employed borrowers. Fannie Mae just pulled back their Covid rules and now getting a home loan with self employed income is that much easier. When Covid started, they were concerned that small businesses were going out and they wanted to really dig in and calculate the income into the current year. So they required a current year's year to date, profit and loss. And they required the most recent two months business bank statements. They wanted to show that income is still coming in. Transactions were happening and people were going out of business. They pulled that back. Now it's back to the good old days. Most recent two years tax returns. That's what the income's calculated.
