Form 91 Instructions for Self-Employed Borrowers
This file provides detailed guidance on completing Form 91 for self-employed borrowers. It outlines the necessary income calculations and documentation required for accurate submission. Ideal for lenders and mortgage professionals assisting clients with self-employment income.
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How do I fill this out?
To fill out this form, begin by entering the borrower's personal and business details. Next, carefully document the income streams, ensuring accuracy with relevant tax forms. Finally, review your entries for compliance with Freddie Mac's guidelines before submission.
How to fill out the Form 91 Instructions for Self-Employed Borrowers?
1
Gather the necessary documents, including IRS Forms 1040, 1120, and 1125-E.
2
Fill in the income details from W-2s and schedules relevant to self-employment.
3
Ensure all calculations are consistent with Freddie Mac's policies.
4
Double-check for any non-recurring income or losses.
5
Submit the completed form alongside the required documentation.
Who needs the Form 91 Instructions for Self-Employed Borrowers?
1
Self-employed individuals looking to document their income for mortgage approval.
2
Lenders needing a standardized method to evaluate income from self-employment.
3
Accountants preparing tax documentation for self-employed clients.
4
Mortgage brokers assisting clients with the application process.
5
Financial advisors guiding clients in securing loans.
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What are the important dates for this form in 2024 and 2025?
Important dates for Form 91 include submission deadlines and updates, which may vary each year. Stay current with guidelines and ensure timely submission for loans. Always refer to Freddie Mac's latest updates for any changes in requirements.
What is the purpose of this form?
The purpose of Form 91 is to provide a standardized method for documenting income for self-employed borrowers applying for loans. It helps lenders assess the stability of income, which is crucial for loan approval. By following Freddie Mac's guidelines, users can ensure accurate and compliant submissions.
Tell me about this form and its components and fields line-by-line.
- 1. Borrower's Name: The full name of the borrower applying for the loan.
- 2. W-2 Income: Details regarding W-2 income from self-employment.
- 3. Schedule B: Recurring interest and dividend income.
- 4. Schedule C: Profit or loss from business operations.
- 5. Schedule D: Capital gains and losses related to investments.
- 6. Schedule E: Income from royalties and supplemental sources.
- 7. Schedule F: Profit or loss from farming activities.
What happens if I fail to submit this form?
Failure to submit Form 91 can lead to delays in loan processing and potential denial of the application. Providing incomplete or inaccurate information may also result in additional scrutiny from lenders. It's crucial to adhere to submission guidelines to avoid consequences.
- Loan Processing Delays: Inadequate or incomplete forms can stall the review process.
- Application Denial: Erroneous information may lead to outright denial of the mortgage application.
- Increased Scrutiny: Lenders may require further documentation if the form is filled out improperly.
How do I know when to use this form?
- 1. Applying for a Mortgage: Essential for self-employed individuals seeking mortgage approval.
- 2. Income Verification: Helps lenders verify the borrower’s income for loan considerations.
- 3. Tax Reporting: Facilitates proper income reporting for tax purposes.
Frequently Asked Questions
What is Form 91?
Form 91 is used to document income calculations for self-employed borrowers, ensuring compliance with Freddie Mac's guidelines.
How do I submit Form 91?
Submit the completed Form 91 alongside relevant tax documents to lenders for loan approval.
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Is it possible to sign Form 91 electronically?
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PrintFriendly supports editing for various PDF documents, including forms like Form 91.
How will I know if my submission is successful?
Keep track of your submissions through confirmation emails sent by your lender.
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