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Answers (5)
- Don Groff, "Austin Texas Lender"
- Contributions:119
Those days are over and those days are partially to blame for the problems we have today. As a self employed individual I can feel your pain but you will need to show your income in order to qualify for a loan... at least until the next wave of no-income, no-doc loans come out in the years ahead once everything settles down... It will be interesting to see if this is the case. What is the definition of insanity again??
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
If you are Self-Employed or a 1099 Employee you may take several of your deductions you claimed on your Federal Tax Filings and include them as income for you DTI by using Form 1084. I have all this information available on my website. ... Happy funding, Rudi
- Mario Avila, "Mario Avila"
- Contributions:69
No, not anymore. before you could, but there are no longer any stated income loans. I am an investor as well, and have had to wait two years so I could show my tax returns. A hard money lender would work, but you'll pay a higher interest rate.
Bedlam Realty
www.bedlamrealty.com
Bedlam Realty
www.bedlamrealty.com
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
The only option would be Hard or Private Money and if it was non-owner.
Hard Money terms are pricey.
Have you discussed your situation with a lender? Find a good broker to assist you. At least they could tell you if your income was not sufficient.
Good Luck.
Hard Money terms are pricey.
Have you discussed your situation with a lender? Find a good broker to assist you. At least they could tell you if your income was not sufficient.
Good Luck.
- Tony Gim, "tonygim"
- Contributions:158
The simple answer is no. The question is why would stated income be any different that 1040 income? The bottom line is it is a crime punishable by up to 6 months in jail to declare (or state) your income different than what is on your tax return. Read section 8 on the 1003 loan application.
is it possible to refi with stated income?
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