Mark Livingstone on Twitter: “At Cornerstone First Financial, we offer bank statement programs where we average together all the #mortgage applicant’s deposits over the last 12 or 24 (depending on credit score) months & use that as income in order to service the “gig” #economy #modernmortgages #housing”
Fannie Mae and Freddie Mac are trying to make mortgages accessible for people working in the gig economy, according to this article in the Washington Post.
Up to 30% of the U.S. workforce may work in the gig economy in some form or fashion and that number will most likely climb to 43% by 2020 according to data from Intuit, owner of TurboTax.
This kind of here-and-there work is currently not a plus on a mortgage application — where applicants are typically expected to have two years of documented income and reasonable assurance that the income stream will continue uninterrupted.
A recent survey of 3,000 lending executives by Fannie showed that 95% of those execs say it is difficult under current lending guidelines to approve gig workers for home loans.
Read the full report from the Housing Wire.
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