I am self-employed and need a mortgage?

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When I was a lot of money and have good economies (including credit ratings of large size) much of the money I earn is under the table and can not be proven. Can I still have a mortgage and how / where would you recommend I start?

  1. Reply
    Sam Fisher
    February 5, 2011 at 1:33 am

    you need your Full Tax returns and paystub (but u don’t have one?) I won’t lie to you, this will be hard. The creditor may render your application inadmissible on the grounds of income verification. Try local unions, etc.
    With the bad credit situation, I feel you just might get lucky….keep searching…it’s a good time to hustle hard on this.

  2. Reply
    Unknown Truth
    February 5, 2011 at 2:01 am

    The trick here is to prove your income. Since you have a great credit rating, it will make the chances of getting a loan much better. Most creditors will give you a loan with a large down payment. Take a copy of your past tax filings. This will help in proving income. I recommend you try using a real estate agent in getting a mortgage. They are experts in their field, and probably have experience with self employed individuals.

  3. Reply
    February 5, 2011 at 2:54 am

    The only income they will count is what appears on your tax returns. Telling them you are committing tax fraud will not help you get a loan.

  4. Reply
    February 5, 2011 at 3:25 am

    There are loans called “stated income loans” – where income isn’t verified. I believe those are still available, but they have tightened up quite a bit on the requirements. You’ll need excellent credit for it to even be an option. Ask your lender for more detials.

    Another option would be to get a co-signer. That will enable you to qualify for a higher amount.

  5. Reply
    February 5, 2011 at 4:12 am

    If you have illegal income you can’t use it to buy a home. The banks require tax statements. You could try a loan shark, but their interest is 20 or 30 times higher than a bank’s and the first time you’re late they kill you.

  6. Reply
    Ibhaze I
    February 5, 2011 at 4:45 am

    I am Wann Cole from the united state. i am a student
    I saw your question I have decided to help people out due to the fact that I myself has been scammed four times by four lenders in my search for a loan but at last I got a reliable lender. that gave me the loan($ 60,000 USD) that I was in dire need of. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email: dr_amandajohnson@live.com, Please tell him that Wann Cole . I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.

  7. Reply
    February 5, 2011 at 5:26 am

    Wow… thats going to be one of the hardest things you ever did in the future. It was not so easy in the past but since the “bad mortgage” boom is upon us, don’t expect to get a dime for a mortgage unless you have all the paperwork to back it up with. Tax returns are the rub, if you will, for us entrepreneurial types. I wish you the best of luck, but I had to go the private mortgage route with the man who built my house, that’s way uncommon to find also. If you find a good answer that gets it done, I cant wait to see it myself as I would like a re-fi.

  8. Reply
    February 5, 2011 at 5:47 am

    Collect your tax returns for last few years, your business plan, your profit and loss statements. Be patient, and persevere. Follow up with them to make sure they have everything they ask for.

  9. Reply
    February 5, 2011 at 6:36 am

    the only way is to report all income and take few deductions for the next two reporting to the IRS so we can figure income and average it over the last 2 years. This will also create higher taxes to be paid as well so there is your trade off. In the last 15 years I have only done 1 self employed loan full documentation. Yes there are some stated loans out there but you will have to have 30% down and that may change today
    I am a mortgage banker in TN & KY

  10. Reply
    February 5, 2011 at 7:30 am

    The simplest thing to do is to see a mortgage officer at your bank and find out exactly what you would need. However, it’s very possible that it will not be possible until the current crisis resolves.

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