The Senate is in discussion to expand mortgage access to self-employed borrowers and other credit-worthy individuals who do not work the normal 9-5 work schedule. This will allow these specific borrowers to provide additional paperwork instead of simply relying on a W-2 to get approved. This bill is called the “Self-Employed Mortgage Act.” Supporters of the bill agree that too many creditworthy self-employed workers are being excluded from the mortgage market with the current standards. This bill will allow these workers to supply other forms of paperwork to verify their income while continuing to protect consumers from predatory lending. This act would expand the types of documentation that self-employed individuals are allowed to use to show they are creditworthy, opening doors for would-be homeowners.
Bipartisan Mortgage Access for Self-Employed Borrowers