Zillow Advice: Buying Process - I make decent money but can't show it, is there any way to buy a house these days on stated income?

There is always ways to show ...

Wed, 15 Jul 2009 18:43:00 GMT

There is always ways to show that you have income. Just verify it. If you have to hire a accountant to review your statements and any other addidtional ways you can show yourself getting paid. If you have been at your job for more than 2 years and have not paid your taxes. The best thing to do is get your taxes done. Yes you might have to come up with some money but at least you will be able to show documentation of your income. Just make sure the source of income can be verified and its from the same work place in the past two years. IN A BOX, just get your taxes done for the income you recieved for the past two years.

Liar loans are so 2005. It's ...

Wed, 15 Jul 2009 00:44:00 GMT

Liar loans are so 2005. It's all about the old skool traditional loans baby! No more free rides sucka!

You are essentially telling ...

Wed, 15 Jul 2009 00:23:00 GMT

You are essentially telling the Government that you aren't making any money and doing so (assumably from your statement that you "can't show it") no paying taxes on the false write offs. Now you want a lender to ignore that? Not going to happen.

Any Real Estate profesional weighing in here offering sympathy and ways around this is most likely doing the same thing. Why don't you guys take some of that money you are fraudulently obtaining and buy some intergrity.

Please provide your contact information and we can go ahead and just report this to the IRS to offset our budget crisis.

If you "can't show it", then ...

Tue, 14 Jul 2009 21:51:00 GMT

If you "can't show it", then you have been intentionally cheating the government, and you should spend that "decent money" paying your fair share of taxes" so that the rest of us don't have to pay your tax burden.

Besides, if you have been putting that "decent money" aside, surely you have enough saved up to pay cash, especially with the rapidly falling market?

One idea that may work is ...

Tue, 14 Jul 2009 21:20:00 GMT

One idea that may work is to amend your 07 & 08 tax returns to show more income.

You will surley increase your tax burden, but you could probably qualify for financing.

Please don't hesitate to phone me directly at 480-444-7146 if I may be of service to you in any way.

Warm Regards,

Brent McDonald
Senior Mortgage Consultant

If you can't show it on your ...

Fri, 26 Jun 2009 00:43:00 GMT

If you can't show it on your tax returns, you are out of luck with the traditional mortgage market.

SEE RICKY@APPROVINGAZ.COM

Fri, 26 Jun 2009 00:10:00 GMT

SEE RICKY@APPROVINGAZ.COM

tax returns, good luck

Wed, 24 Jun 2009 16:17:00 GMT

tax returns, good luck

Sure there is. Look for an ...

Wed, 24 Jun 2009 16:15:00 GMT

Sure there is. Look for an az seller carryback

This is a huge debate issue ...

Wed, 24 Jun 2009 12:54:00 GMT

This is a huge debate issue for our industry because of the loss of stated income products. Loan officers everywhere are boning up on tax return analysis skills.
I'm guessing you are a business owner or comissioned employee. You will need to show two years of tax returns to prove income. This is because underwriting guielines are written in favor of approving homebuyers that have a two year work history to minimize risk to the lender. Some of the items you write off on your tax returns can be "added back" for qualifyng purposes. There are a few exceptions, but for the most part, if you are not paying federal and state taxes on your income, it can be difficult to qualify you for a loan. I have actually seen homebuyers go back and revise their returns for 2008 this year just to buy a house.
I recommend asking a seasoned loan officer review your personal and busines returns to determine qualifying income and a pulling credit report to calculate your debt to income ratios. Then you will know what steps you must take to purchase a home. Any loan officer that issues a loan approval without doing those two things is wasting your time.