Profile picture for shally1214

I don't have paystab nor W-2 tax return, would deposit from bank statement be enough?

I have great credit score about 770+
I have 100K and will have enough downpayment for 250K house/condo/townhouse
can i get approve by lender with lower interest rate now?
  • May 28 2009 - West Covina
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Answers (2)

Profile picture for blue screen exile
Anyone can show huge deposits by just moving money between accounts at different banks!

No lender in their right mind would accept bank deposits!

And if you claimed it was "income" but don't have evidence that you paid taxes on it, the lender will be glad to report it to the IRS for you so that you can be audited to pay the back taxes and penalties!

Which probably means you don't have any money for a "down payment".

Now, if they were all $11k annual gifts from "family" or "friends", you wouldn't owe tax on it and whoever gave it to you doesn't need to pay additional tax for the "gift" (they already paid the income tax), but if they give more than that to you during the year and you make it clear it was a gift, the giver may be audited to pay the "gift tax".

It sounds like you better file those tax returns as soon as possible!

Or else keep renting and keep out of the IRS sight.
  • May 29 2009
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Profile picture for wetdawgs
Documentation of income is required.    If  you don't have tax returns or paystubs, is there no other way to document your income?
  • May 29 2009
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