Posted on: 27th Jun, 2007 01:33 pm
its a new purchase, mortgage amt needed $300,000 and the house is worth $320,000
my mid score is at 520, going to put a dispute to the bureau before applying
my income will be stated (its $53,000) but its possible that my accountant will be able to state that I am making $260,000/yr
is there chance of getting approval? looking at IO type of payment so that it can be affordable
my mid score is at 520, going to put a dispute to the bureau before applying
my income will be stated (its $53,000) but its possible that my accountant will be able to state that I am making $260,000/yr
is there chance of getting approval? looking at IO type of payment so that it can be affordable
Hi Alfoldy,
To start with your score looks to be real low. Can you tell us about the reason why it is so low. Lenders would be looking at the reasons which caused your score to drop and based on that decide what loan you can qualify for.
The other thing about going for state income loans, are you in a position to provide tax returns to verify your income? The rates would be better compared to what you will have for stated loans.
Miller
To start with your score looks to be real low. Can you tell us about the reason why it is so low. Lenders would be looking at the reasons which caused your score to drop and based on that decide what loan you can qualify for.
The other thing about going for state income loans, are you in a position to provide tax returns to verify your income? The rates would be better compared to what you will have for stated loans.
Miller
"my income will be stated (its $53,000) but its possible that my accountant will be able to state that I am making $260,000/yr "
You mean to say that your accountant will show your income as $260,000 while actually it is $53,000. Is he a CPA? But why do you want to do that? You could be in big trouble.
Even if don't get caught, would you be able to manage the payments with an income of $53,000?
You mean to say that your accountant will show your income as $260,000 while actually it is $53,000. Is he a CPA? But why do you want to do that? You could be in big trouble.
Even if don't get caught, would you be able to manage the payments with an income of $53,000?
---> my accountant will be able to state that I am making $260,000/yr
That will be fraud. You could be in jail for that along with your accountant.
That will be fraud. You could be in jail for that along with your accountant.
Hi Alfoldy,
Welcome to Mortgagefit forum.
I would advice you to wait for some more time, clean up your credit report and then apply for a mortgage. With your income you are looking at too big a house for your affordability.
As you are saying you will take a IO so that payment can be possible for you but that way principal won't get reduced and if you don't see your income rising within a few years then you will be facing problems with continuing the mortgage.
And change your accountant/CPA. He can't just show your income to what he is stating. Documentation is required as proof which you don't have.
Colin
Welcome to Mortgagefit forum.
I would advice you to wait for some more time, clean up your credit report and then apply for a mortgage. With your income you are looking at too big a house for your affordability.
As you are saying you will take a IO so that payment can be possible for you but that way principal won't get reduced and if you don't see your income rising within a few years then you will be facing problems with continuing the mortgage.
And change your accountant/CPA. He can't just show your income to what he is stating. Documentation is required as proof which you don't have.
Colin
I don't see you getting anything but sub primes right now, if you go with them then will have to bear high rates, better to wait for few more months - improve your credit - as well as income and then look for a suitable house which you be able to afford, purchasing a house right now which you will not be able to continue the payments would after few years lead to foreclosure and nothing else.
Hi Alfoldy,
Your income is $53000 but you are planning to show it as $260000.This is a sort of fraud. And if the lender comes to know of this he may file a case against you. And as your credit score is low now, wait for some time and try to raise your score. You may consult with some lenders and find out what they can offer you suiting your income. And try to look for a property which you can afford to buy.
Your income is $53000 but you are planning to show it as $260000.This is a sort of fraud. And if the lender comes to know of this he may file a case against you. And as your credit score is low now, wait for some time and try to raise your score. You may consult with some lenders and find out what they can offer you suiting your income. And try to look for a property which you can afford to buy.
No mention has been given to the lender/mortgage broker you are currently consulting with, but I must assume that he is not only aware of your intentions, but most likely gave you the idea (The majority of borrowers are neither savvy enough nor do they know how to fool the system, but unscrupulous lenders/brokers do).
I DESPISE LENDING "UNPROFESSIONALS" THAT INTENTIONALLY AND WILLINGLY PUT THEIR CLIENTS IN HARM'S WAY FOR THE SAKE OF THEIR GREED.
Overstating income often leads to default---a widespread issue in this country today and as a result, lenders have changed their qualification procedures---here are just some of the subtle changes that exist in SISA lending today:
- Smell Test #1: We will verify your claims with websites like salary.com.
- Smell Test #2: If you claim to earn a six figure income, we will expect to see six figures going in and out of your bank accounts.
Even if you agree to commit fraud (this isn't "sort of fraud", "kinda of fraudish", this is blantant text book fraud), there is a strong chance that you won't get past the new "B.S." filters in place.
Do yourself a favor---DON'T consider this approach, DON'T do business with the person you are consulting with (unless you think customer loyalty should be afforded to an individual that was willing to sacrifice your freedom [jail time] and networth [fines]) & DO call the banking commission in your state and report this individual that plotted & conspired to have you commit mortgage fraud.
There are too many people in this profession and on this forum that put the interests of their clients first and are sincerely motivated to ethically steer there clients to sound, legal and long term lending solutions to consider doing business with a liar (think of it this way, if he is willing to instruct you on how to lie and is willing to lie to his own company or another lender, do you really think he going to tell YOU the truth and should be trusted?)---if you decide to proceed in this direction, you have been duly warned.
Regards,
Scott Miller
I DESPISE LENDING "UNPROFESSIONALS" THAT INTENTIONALLY AND WILLINGLY PUT THEIR CLIENTS IN HARM'S WAY FOR THE SAKE OF THEIR GREED.
Overstating income often leads to default---a widespread issue in this country today and as a result, lenders have changed their qualification procedures---here are just some of the subtle changes that exist in SISA lending today:
- Smell Test #1: We will verify your claims with websites like salary.com.
- Smell Test #2: If you claim to earn a six figure income, we will expect to see six figures going in and out of your bank accounts.
Even if you agree to commit fraud (this isn't "sort of fraud", "kinda of fraudish", this is blantant text book fraud), there is a strong chance that you won't get past the new "B.S." filters in place.
Do yourself a favor---DON'T consider this approach, DON'T do business with the person you are consulting with (unless you think customer loyalty should be afforded to an individual that was willing to sacrifice your freedom [jail time] and networth [fines]) & DO call the banking commission in your state and report this individual that plotted & conspired to have you commit mortgage fraud.
There are too many people in this profession and on this forum that put the interests of their clients first and are sincerely motivated to ethically steer there clients to sound, legal and long term lending solutions to consider doing business with a liar (think of it this way, if he is willing to instruct you on how to lie and is willing to lie to his own company or another lender, do you really think he going to tell YOU the truth and should be trusted?)---if you decide to proceed in this direction, you have been duly warned.
Regards,
Scott Miller
Hi Scott,
I appreciate the initiative taken by the industry in dealing with fraud cases. You've indeed put down some effective ways of preventing mortgage frauds. That's really going to help anyone here who may have been advised to go that way by the lender or the mortgage professional they're dealing with.
It's true that there are a lot of people in the industry and that is why laws need to be enforced such that people can hardly try to commit fraud. I think business or dealings or any financial transactions involving ethics is the best way of progress for any industry.
Regards,
Jessica
I appreciate the initiative taken by the industry in dealing with fraud cases. You've indeed put down some effective ways of preventing mortgage frauds. That's really going to help anyone here who may have been advised to go that way by the lender or the mortgage professional they're dealing with.
It's true that there are a lot of people in the industry and that is why laws need to be enforced such that people can hardly try to commit fraud. I think business or dealings or any financial transactions involving ethics is the best way of progress for any industry.
Regards,
Jessica
