Gig Workers Have More Borrowing Options Thanks To Loosening GSE Standards

Loosening lending standards are making it easier than ever for gig workers to finance homes. These workers often make enough money to qualify for a loan, but often have a difficult time proving that to lenders. “It is a phenomenon with this gig economy where people can drop in and have an Amazon play, and they’re pulling in $10,000 a month from it. So, these are not traditional type borrowers,” Eric Morgenson, VP of business development at Angel Oak, said on a panel discussing loans for gig workers. Self-employed borrowers are typically asked for contract work 1099s, copies of the last 12 to 24 months of business and personal bank statements, and year-to-date profit-and-loss statements that report revenue, expenses, and…