Self-employment, mortgages, covid-19

by fred glick

The rules around mortgages are ever changing.  If you are self-employed, it's getting tougher because the lenders have zero clue if your particular business is going to survive.  So, they've decided to ask for this documentation.

Photo by Tom Rumble on Unsplash
  • 60 days of asset statements showing 6 months of PITIA (for the subject property) in reserves
  • Business tax returns
  • If the business is a sole proprietorship, personal tax returns are acceptable
  • Audited profit and loss statement of the most recent month OR 30-day business assets from the most recent month
  • If the business is a sole proprietorship, a personal asset statement from the most recent month is acceptable

So, as long as you have the reserves, you are fine.  If not, you'll need to save up or wait until the process opens up.

Question?  That's why we are here!  Ping Fred Glick 650.935.5626 or fred at arrivva dot com.