Loss of Income Due to Covid and How It Can Affect Your Mortgage

by | Mar 23, 2021 | Mortgage Advice

LOSS OF INCOME DUE TO COVID AND HOW IT AFFECTS YOUR MORTGAGE

A loss of income due to Covid could greatly impact your ability and qualificaiton for the next few years, especially for those who are sSELF EMPLOYED or have non guaranteed income!

If you are self employed, NOW is the optimal time to get your mortgage so we can use 2018 and 2019 income. Once taxes are due for 2020, and if there has been a decline this past year, this could negatively affect the amount you qualify for. However, insurers and lenders are now willing to consider on exception income from the past 3 years for self employed borrowers.

If you are wanting to purchase a home in the next couple of months, refinance or renew, NOW is the time to call me if your income has been affected by Covid.