Self Employed People Cannot Use Money From Their Own Business?

November 30th, 2012

The mortgage rule makers say that self-employed mortgage borrowers can’t use money from their business accounts for a mortgage, not without some explanation anyway. Why? It’s their money! You would think they would know best what to do with it. Yet, Fannie Mae and Freddie Mac say that they don’t want a self-employed mortgage borrower to use funds from their business bank accounts without some further analysis. There is the possibility to allow the withdrawal of funds from business bank accounts if the self-employed mortgage borrower’s accountant writes a letter stating that the withdrawal of funds from their business bank accounts “should not” adversely affect the operations of the business. Read the rest of this entry »

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