Have you considered refinancing but not sure if you can qualify due to coronavirus? Are you self employed and wondering how lenders are going to calculate your income during this pandemic? Are there lenders really offering 2.5% interest rates? In this video, Josh Lewis of Buywise Mortgage and I discuss all of these topics in more detail as well as the thoughts on going from a 30 year fixed to a 15 year fixed.
New videos 3-5 times per week on Real Estate, Mortgage, Trending Topics, Home Buyer Tips and Home Seller Tips – Subscribe for More Real Estate Tips and Real Estate Information – https://goo.gl/NZB1S6
Should you refinance your home now or wait?
I believe it all depends on your goals but if you can take advantage of current interest rates and it makes sense to you then you should take advantage because you don’t know what the future holds with regards to interest rates, your employment or even home values. Also, make sure that your savings per month outweigh the costs to refinance.
Are there really lenders offering 2.5% 30 year fixed interest rates?
In this video, Josh and I discuss the clickbait advertising that UWM is putting out there with their conquest program. They fail to mention that even the most qualified borrowers will have to paid points to get that interest rate.
Fannie Mae issues lender letter on self-employment income
Whether a business is impacted by an adverse event, such as COVID-19, and the extent to which business earnings are impacted can depend on the nature of the business or the demand for products or services offered by the business. Income from a business that has been negatively impacted by changing conditions is not necessarily ineligible for use in qualifying the borrower.
However, the lender is required to determine if the borrower’s income is stable and has a reasonable expectation of continuance. Due to the pandemic’s continuing impact on businesses throughout the country, lenders are now required to obtain the following additional documentation to support the decision that the self-employment income meets our requirements:
1) an audited year-to-date profit and loss statement reporting business revenue, expenses, and net income up to and including the most recent month preceding the loan application date; or
2)an unaudited year-to-date profit and loss statement signed by the borrower reporting business revenue, expenses, and net income up to and including the most recent month preceding the loan application date, and two business depository account(s) statements no older than the latest two months represented on the year-to-date profit and loss statement.
Do you have questions about self employed income, mortgage, real estate or mortgage forbearance? If so, please comment below or reach out to either of us directly.
How to contact Josh Lewis at Buywise Mortgage
Josh Lewis – 714.390.6198 – email@example.com
Thank you for watching.
Connect with me: