 TITLE: Is Refinancing Harder When You’re Self-Employed? CONTENT: Options for Mortgage Refinancing When You're Self-Employed\n----------------------------------------------------------\nMost mortgage loans are resold to government-backed companies Fannie Mae and Freddie Mac. Loans that qualify for resale, called _qualified mortgages_, must meet strict criteria. For the self-employed, refinancing into a qualified mortgage may require providing:\n*   Verification that your business exists (such as a business license)\n*   Business and personal tax returns for the past two years\n*   A year-to-date profit-and-loss and balance statement for your business\n*   Your most recent business bank statements\nIf you don't have two years' worth of self-employed tax returns, or if your income has declined or is seasonal, you may want to investigate a _non-qualified mortgage_. These loans, which have looser criteria than qualified mortgages, are often marketed to self-employed people. Non-qualified mortgage lenders may verify your income using bank statements rather than tax returns or take liquid assets (such as investments) into account when assessing your ability to repay the loan.\nIf you have a Federal Housing Administration (FHA)-insured mortgage, consider the FHA's Streamline Refinancing option. Certain Streamline Refinancing options require no income or employment verification. You just need to have made at least six loan payments on your existing mortgage, be current with no late payments, have had the loan for 210 days, and show that refinancing will either reduce your monthly payment or shorten your loan term without increasing your payments by more than $50. END