Posted on: 26th Feb, 2009 09:07 am
I am self empolyed and have been for almost 2 years. I did this to work myself up to the top of the ladder and make more money, going from 20 grand a year to 40 grand a year, but at the end of the year when my mileage comes off & my other detuctions, I make around 10 grand on paper a year. I have a couple rentals and a mortgage now plus care payment ect. I pay ALL of my bills on time every month & still have money in the bank. Even though I am a piece of crap on paper at the end of the year, how do I go about gettin another home loan? My credit is good & the proof is directly deposited in my account weekly. Our rentals are too small for us to live in.
Sorry, but stated loans are few and far between. If you do come across one they will only do it if you recieve w2's. That is the downside to writing everything off. There is not a way around this unless you can show income or assets. With what you do claim can you not get the home you want?
I do have assets that's the thing. 2 out of my 3 propertys are paid for free & clear....However since i only make ten grand on paper now after write off's it doesn't matter. I asked even if i claimed all but 5 grand of my income if they could finance me & told me they could, but for no more than 50 grand. I have looked and can find nothing that isnt in the city for that price unless it's falling through itself. I guess the only other thing to do is sell a property and pay cash.....either way I tried to get ahead and only got worse credit wise....Are they talking about bringing these loans back if the market gets better?
I realize that you have to pay in on taxes which I have not a big problem doing but I work in 3 countys a day every day of the week and it puts a LOT of wear and tear on my vehicle. Miles is really the only thing that I claim because of my driving
Hi Guest,
As Ashley has stated, it would be difficult for you to get stated income loans. As the market conditions are not good these days, most of the lenders have stopped giving stated income loans or no doc loans.
If the market improves, then the lenders may again think of issuing stated income or no doc loans. But as of now, I don't think you have a chance of getting such a loan.
Thanks.
As Ashley has stated, it would be difficult for you to get stated income loans. As the market conditions are not good these days, most of the lenders have stopped giving stated income loans or no doc loans.
If the market improves, then the lenders may again think of issuing stated income or no doc loans. But as of now, I don't think you have a chance of getting such a loan.
Thanks.
You may get better answers if you note what county and state in which the property is located.
I know of no national stated income programs offered by national lenders.
I do know of stated income programs offered in specific states and specific counties. They are offered by local banks in those ares and they do not lend nationally.
I know of no national stated income programs offered by national lenders.
I do know of stated income programs offered in specific states and specific counties. They are offered by local banks in those ares and they do not lend nationally.
John is correct, we would need to know WHERE the property is located. For example, I can do that deal all day long in NY, NJ and CT. However, in California there is only one lender remaining that I know of where you can get a stated income loan.
Where is the property located maybe I can help. Please goto myezloanquote.com and fill out an online application. I'll tell you right away if I can help you or not.
Best regards,
Joe
Best regards,
Joe
Where is the property located maybe I can help. Please goto myezloanquote.com and fill out an online application. I'll tell you right away if I can help you or not.
Best regards,
Joe
Best regards,
Joe