Self-employed borrower

Self-employed borrower.
Using FHA Loans For Self-Employed Borrowers on a home purchase is very popular because of the high debt to income ratio caps. FHA loans allow up to a maximum of a 46.9% front end and 56.9% back end DTI cap to get an approve/eligible per automated underwriting system (AUS). Self-employed homebuyers who have large unreimbursed business expenses on their income tax returns and therefore lower adjusted gross income can add as many non-occupant co-borrowers.
To qualify for a 3.5% down payment FHA home purchase loan with non-occupant co-borrowers, the non-occupant co-borrower needs to be related by blood, marriage, or law. HUD, the parent of FHA, allows non-family members to be added as non-occupant co-borrowers. However, if the non-occupant co-borrower is not related by blood, marriage, or law, the main borrower needs to put down 10% versus a 3.5% down payment. Self-employed borrowers need to be self-employed for at least two years. Two years of income tax returns are required. Lenders want to see increasing income and the ability of the self-employed borrower to repay their mortgage for the next two years.

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