Buying a house….getting a HARD time from the Mortgage Company…HELP!?
Here is my situation : Im a First time home buyer. I am buying a foreclosure house for $ 130,000. I paid for my inception, I paid for the appraisal…and gave all my paper work to the mortgage company. I have EXCELLENT CREDIT. I am also putting down Over $ 60,000 ( Half of the sale price) on the home. Im doing a conventional loan. I have over $ 100,000 in my bank accounts. I have been SELF EMPLOYED since MAY 2010. ( I have not filed taxes on this yet BC the tax year has not come yet) I gave them my 2008 & 2009 tax returns as the requested. They said “I did not make enough money in 2008 & 2009” I then said….This is my CURRENT income now (Over $ 5000 a month now) I sent them my pay check stubs ( im an independent contractor now since May 2010). They are giving me a HARD time now saying “They thought i was salary” I said Um NO I told u i am self employed. So NOW They are requesting “SELF EMPLOYMENT TAX RETURNS” for 2009 because 2009 i filed as W2 since i was not a self employed Independent contractor. I told them I WAS NEVER SELF EMPLOYED UNTIL MAY 2010! Either way….I am putting over 50% of the Home price down ( i only need 60g loan). I have all my current paychecks available to show my earnings AND my BANK ACCOUNTS too! They said They will DENY me a loan if i cant show them SE tax returns for 2009. Again…i wasnt self employed in 2009. I am getting VERY frustrated. Does anyone know a way around this?