- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (13)
- jim barry, "jimbarry"
- Contributions:22
These products still exist but at higher market rates. You just have to know where to look.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
You are correct Clay,
What I stated was a SISA, not a No-Doc. A senior moment on my part.
My apoligies Miley, Rudi
What I stated was a SISA, not a No-Doc. A senior moment on my part.
My apoligies Miley, Rudi
- Clay Branch, "Georgia Loans"
- Contributions:7838
Rudi, a no doc loan is not a liars loan, they didnt say they made any money, didnt say they had any money in the bank, and didnt say they had a job, that's why it's a no doc loan. What you described is a stated/stated loan.
- Chris Corica, "Chris Corica"
- Contributions:1075
I agree that the income is based on the adjusted gross of the tax returns for qualifying. There is no way around this. In defense of the self employed borrower I want to say just because you take full advantage of all the tax write offs allowed by law, doesn't make you a cheater or some kind of bad american. W2 employees have many of the same expenses ie, food, clothes, auto, housing which they pay yet their qualifying income is based on their gross. It is easy to see how someone can become frustrated for being punished by the banks, when they are simply playing the tax game by the rules set forth.
My 2 cents
My 2 cents
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
As Stu said there are Stated product available. But, to my knowledge they all require the borrower to sign a 4506T Forn that allows the lender to receive the borrower's last two years Federal Tax Return Transcripts.
As Andrew stated Self-Employed do get loans. Over 50% of the loans I originate are Self-Employed borrowers.
Miley is seeking a No-Doc Loan. Which means not only is Miley unable to document income but also unable to document assets.
PDABJ4, a No-Doc is a liar's loan. Why, oh, I earn $$$$$$$$ and my assets amount to $$$$$$$$. Both of which are untrue. In the past this falsehood was accepted by lenders. Now, lenders seek higher quality loans ..... Rudi
As Andrew stated Self-Employed do get loans. Over 50% of the loans I originate are Self-Employed borrowers.
Miley is seeking a No-Doc Loan. Which means not only is Miley unable to document income but also unable to document assets.
PDABJ4, a No-Doc is a liar's loan. Why, oh, I earn $$$$$$$$ and my assets amount to $$$$$$$$. Both of which are untrue. In the past this falsehood was accepted by lenders. Now, lenders seek higher quality loans ..... Rudi
"Trust me, this country will never pull out of this mess if the ones of us who actually pay our bills, in full and on time, can't get a loan."
The bills are not what is in question, your taxes are. When you start paying your share of those then you will get a loan AND it will help this country pull out of this mess.
<Cue God Bless America music>
The bills are not what is in question, your taxes are. When you start paying your share of those then you will get a loan AND it will help this country pull out of this mess.
<Cue God Bless America music>
- Andrew Adams, "203K Specialist"
- Contributions:9349
PDA,
Then you are working with the wrong lenders. I do plenty of loans for self employed folks. If the income is on the returns, they get credit for it. If you exagerate your deductions to reduce your taxable income then you will qualify for less.
It's a myth that self employed borrowers can't get loans.
Then you are working with the wrong lenders. I do plenty of loans for self employed folks. If the income is on the returns, they get credit for it. If you exagerate your deductions to reduce your taxable income then you will qualify for less.
It's a myth that self employed borrowers can't get loans.
- Stu Sable, "SSable1"
- Contributions:14
Depending on where the property is, how much is owed on it vs. how much it is worth, your credit and your liquid assets there is still Stated Income Products and No Income/Verified Asset programs available. Seek and you will find.
All the very best!
All the very best!
- PDABJ4
- Contributions:3
I stumbled upon this thread through a Google search.
Mr. Adams - My husband and I are self-employed. We have excellent credit scores and no debt. I make the income. I can afford the payment. I can report what I actually make and bring home as salary until the cows come home. The lenders could care less. They only know how to read one line on the 1040. The bottom line on my tax return will show a different story because we use as many deductions as possible to keep our income tax bill low. The lenders don't know how to read a tax return that writes off non-cash deductions, like depreciation and other credits. Those loan products absolutely should exist, but they don't. Why are there no loan products for people who did the right thing?
If it sounds like I'm bitter, I AM! I even heard someone call this a "liar loan" on another thread. Made me feel like something found on the bottom of a shoe. Trust me, this country will never pull out of this mess if the ones of us who actually pay our bills, in full and on time, can't get a loan.
Mr. Adams - My husband and I are self-employed. We have excellent credit scores and no debt. I make the income. I can afford the payment. I can report what I actually make and bring home as salary until the cows come home. The lenders could care less. They only know how to read one line on the 1040. The bottom line on my tax return will show a different story because we use as many deductions as possible to keep our income tax bill low. The lenders don't know how to read a tax return that writes off non-cash deductions, like depreciation and other credits. Those loan products absolutely should exist, but they don't. Why are there no loan products for people who did the right thing?
If it sounds like I'm bitter, I AM! I even heard someone call this a "liar loan" on another thread. Made me feel like something found on the bottom of a shoe. Trust me, this country will never pull out of this mess if the ones of us who actually pay our bills, in full and on time, can't get a loan.
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
Gary is correct. Non to my knoweldge except Hard Money which is never pretty.
Good Luck.
Good Luck.
- Tiffany Bond, "TiffanyBond"
- Contributions:3010
You are probably going to have better luck on a HELOC if you have a lot of equity. The best bet may be a local bank you have had a long banking history with.
- Gary Kinberg, "Gary Kinberg"
- Contributions:229
The best product may be the interest only ARMs for you at the moment. Income will have to be documented.
Hard money loans are available but not FHA, FNMA nor FHLMC. Also try a local bank for securitized loans; but on self employed taxes where all is wriiten off is not a product on the 'normal' market today.
Hard money loans are available but not FHA, FNMA nor FHLMC. Also try a local bank for securitized loans; but on self employed taxes where all is wriiten off is not a product on the 'normal' market today.
- Andrew Adams, "203K Specialist"
- Contributions:9349
They don't really exist anymore. The entire economy almost collapsed in part because of how those loans were used. Why must they still exist. If you could afford the payments you must make the income. I would suggest starting to report what you actually make.
Where can a self employed person find a no-doc refinance mortgage or HE?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.