How do you get a mortgage if you’re self employed?

Deal Score0

I have 10% downpayment and the loan is for 110,000.
My credit scores are 775, 653, and 629.
The montly payment on the mortgage would be at around 800.00 a month.
My current montly rent is 1600 plus all the utilities.
*I don’t have proof of income.
I have a large amount of write offs, so that is the dilemma of the self employed.
My income before taxes looks bad. I do it on purpose so I don’t have to pay a lot of taxes.

6 Comments
  1. Reply
    Juan A
    May 3, 2011 at 12:25 am

    why not?

  2. Reply
    Josie826
    May 3, 2011 at 1:21 am

    If you file income tax (and I certainly hope that you do), you have proof of income.

  3. Reply
    Franco
    May 3, 2011 at 2:18 am

    You will have to show your income tax assessment and put down a bigger deposit. That is all.

  4. Reply
    J.D.B.
    May 3, 2011 at 2:41 am

    Well two “answers” and just insults, shame. Look there are banks that do high risk loans. High risks include past foreclosures,bankruptcies, low credit rating and yes non-verifiable income. The fact that you’ve saved the 10% for the down payment looks good but ultimately it will be up the banks loan officer. Go down to local banks and talk to a Representative. You can get a loan but in your case, the int rest rates are going to be high. Good luck.

  5. Reply
    Em C
    May 3, 2011 at 3:26 am

    You can probably get a loan but not at the bank. You need to find a mortgage broker that has access to a variety of different programs not your local bank which probably doesn’t do these types of loans.

    Also, there is some difference between you low and high credit scores. You may want to check your report and see why, and try to get any negative , inaccurate info removed.

    I am also assuming you do have some sort of proof of income like bank deposits, tax returns, just not pay stub type proof.

  6. Reply
    nationw1de
    May 3, 2011 at 3:51 am

    To get a low rate/low fee mortgage you will need tax returns prepared by a CPA otherwise you will need to get “hard money” which has higher fees and higher rates.

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