For Gig Workers and Business Owners, New Hurdles for Mortgages, June 30, 2020–Jeff Ostrowski
For self-employed workers, qualifying for a mortgage just got tougher. In response to the coronavirus recession, mortgage agency giants Fannie Mae and Freddie Mac this month raised the bar for borrowers who are independent contractors or owners of small businesses.“We’re seeing lenders tighten the screws,” says Jeff Lazerson, a mortgage broker who’s president of Mortgage Grader in Laguna Niguel, California. “Now everybody is asking for year-to-date bank statements.”