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The below rules posted on June 11th 2020 are no longer in effect. 

• Income Verifications. Self-Employed borrowers' incomes are typically verified using the most recent two-years of income tax filings.  
• Starting June 11th, 2020 and until further notice:   In-addition, self-employed borrowers must also provide current Year-to-Date Profit and Loss Statements (P&L). This report could be audited or unaudited/self-prepared. P&L must not be older than 60 days as of the note date. 
• Audited YTD Profit and Loss Statement must be completed by a Certified Public Accountant (CPA).  Sorry your tax preparer or general accountant cannot prepare this report. It must be done by a CPA. 
• Unaudited YTD Profit and Loss Statement can be self-prepared or by tax preparer or by your general accountant. However, it must be accompanied by 2 most current bank/business depository account(s) statements (no older than the latest 2 months represented on the year-to-date Profit and Loss Statement). Gross bank deposits from these bank statements must support their current Year-To-Date Profit and Loss Statement or at least Self-Employment Net Income as reported in prior year's Tax Returns.  Higher current Year-To-Date Profit and Loss Net Income will not help raise self-employment income higher than the prior year's self-employment net income as filed in Tax Returns.