Selling Guide

Published April 07, 2021

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What is required if self-employment income for the co-borrower is not being used?

Income Verification for Self-Employed Co-Borrowers

When co-borrower income that is derived from self-employment is not being used for qualifying purposes, the lender is not required to document or evaluate the co-borrower’s self-employment income (or loss). Any business debt on which the borrower is personally obligated must be included in the total monthly obligations when calculating the debt-to-income ratio.

For additional information, see B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower

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