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Lenders Tighten Rules on Self Employed Borrowers

Real Estate Blog : Investment Property : Los Angeles : Manhattan Beach : Hermosa Beach : Redondo Beach : Palos Verdes : Torrance

Real Estate Blog : Residential Commercial Income Investment Property

The ever changing lending rules is different by the hours (OK, I am kidding) but by the weeks is pretty close.

One of the latest is Fannie Mae will tighten the guidelines for self employed borrowers on October 27 2012. How Tight?? We don’t know yet.

But the current guideline is pretty favorable since only 1 year Tax Return is required with 20% down.

  • Only 1 year Tax Return Required
  • for Self Employed Borrowers…
  • 20% Down …Conventional Financing
  • Refi or Purchase OK!
  • Loans up to $625,000
  • 620+ FICO scores

If you are a Self-Employed person looking into buying or refinancing your home, contact your loan agent for the latest before more changes are coming.

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