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is it possible to get approve for a $264,000 mortgage loan with low income?

my wife and i both work but i get paid in cash.  my wife only makes $25,000 a year which is on our tax return.  i make $3,500-$4,000 a month in cash.  we are trying to purchase a $440,000 house, and planned to make a 40% down payment.  problem is that on paperwork our income does not qualified for a loan.  does anybody know any lender in california that is willing to comprehend with our circumstances
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July 10 2013 - San Jose
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July 12 2013
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 Perhaps it is time to go back and revise the income tax forms and declare all your income for the last few years so that you can qualify. 
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July 12 2013
Profile picture for SoCal_Engr
Apologies for any perceived lack of compassion, but I dearly hope there is not a single lender that "is willing to comprehend" your circumstances.

First, you are not "getting over on the government" by not reporting income. You are cheating those who report their income and pay their taxes. In other words, you are cheating "people" and telling them to pick up your slack.

Second, and I'm not sure you realize this, but you are getting "cheated" too. That person paying you cash? They're supposed to be paying taxes too, on your behalf. They're supposed to be paying unemployment insurance, in case they run out of work for you to do and you become unemployed. They're supposed to be paying workman's comp, in case you get hurt on the job. If they're paying you cash, I doubt this is happening.

Apologies for the soapbox, but you're getting jacked over by your employer. And, anyone who puts you into a loan under these conditions is not doing you any favors, either.
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July 12 2013
Unfortunately it appears that no income was logged. In cased similar to yours if the Gov. does not get wind of it, mortgage lenders cant count it.
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July 12 2013
Do you have any paper history of employment?

I'm fairly certain I can find you a lender, I would need more definite details in regards to your credit and such....please private message me your contact info or contact me directly

Thanks
Evan
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July 12 2013
It appears you're saying combined income is around $5,000 or so a month. Being paid cash won't disqualify you, any lender is just going to go off of your tax returns which I imagine are showing  a combined income of $60,000 or so. Some items you're writing off, unreimbursed business expenses or the like will be subtracted from the income figure..

It seems if you have very little other debt and acceptable income then $60k plus  a year (AGI) should get you a $264k loan.


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July 12 2013
Seems to be some confusion on reported income. Bottom line is that if you did not report your income on tax returns for past 2 yrs then getting a typical mortgage loan will not be possible of $264K on wife's income. Even a hard money lender is likely to require income verification.
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July 13 2013
The DEVIL is in the details.  The combined documented taxable income is a grand total of $2,083 a month - not $5,000 a month.

WETDAWG had the right idea.  File 2012 and 2011 amended returns.  Pay the tax and penalties and then you can verify enough income for the loan.
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July 13 2013
 
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