In the following section we will look at the income and employment requirements for self employed people for getting a mortgage loan.The requirements are as follows:
- A borrower is considered self employed if he owns twenty five percent or more in any business.
- To even out fluctuations related to income of self employed borrowers, a minimum of 2 years of average income is required for calculating qualifying income.
- Two or more than two years of self employment is required. In case self employment is for less than two years, it would be acceptable if the person had minimum of two years of previous employment or combination of 1 year of employment & training in any related occupation.
- In the business field the self employed is working in, he should have an overall positive economic outlook.
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