All Forum Posts by: Jay Hurst

 It is still a bit grey and undefined as it pretty new. But, if you can prove that the business was opened through documentation filed with the state etc you should be ok. Of course, you still have to get one year findings which requires an other wise very clean file.

But, again, even if that approach does not work we do have some portfolio programs available that might be able to get you into the house which you could refinance once you have your 2 years of solid tax returns.

Most lenders can choose to either run DU (Fannie Mae) or LP (Freddie Mac) with very slight pricing differences. However, Freddie recently changed their guideline to now require 2 years of tax returns unless the business you are deriving the self employment income has been in existence at least five years. So, unless your business has been around five years you would still need to provide two years of filed tax returns that would averaged. You can see the change starting at the bottom of page two on the link below:

That being said, there are portfolio products that might work for you as a sort of bridge until you are able to qualify for a conventional product depending on the rest of your file.