No income can be considered if the borrower’s business is currently closed. Current operation of the business must be provided and may not exceed 10 days of Note Date. Example methods to indicate business is currently operating:
- Evidence of current work (executed contracts or signed invoices that indicate the business is operating on the day the lender verifies self-employment);
- Evidence of current business receipts within 10 days of the note date (payment for services performed);
- Lender certification the business is open and operating (lender confirmed through a phone call or other means); or
- Business website demonstrating activity supporting current business operations (timely appointments for estimates or service can be scheduled).