What can I do?

cnwoods · Joined: 08 Aug 2009 Posts: 2

I am self employed and on my 2008 tax returns it only shows me making around 7,000 after all the deductions. Now of course I made more than that and the 1099 shows it. Its just with all the dedections it only provides me with 7k usable income for a home loan. I was told by one of the mortgage people that i would have to adjust my taxes to show more income and that I would have to wait 2 more years before I can get into a home.
Is there anything I can do to get into a house this year?

Thanks in advance,

EricJ · Joined: 09 Jan 2009 Posts: 321 Location: New Jersey

cn

You COULD get a stated income loan. It will depend upon your scenario AND your location. For example, I work with a lender in the NY/NJ/CT area that will not ask to see your tax returns and your rate will still be under 6%. Unfortnuately, like I said they will only lend in that area.

There are similar banks in other areas of the country but the rates are not as favorable.

cnwoods · Joined: 08 Aug 2009 Posts: 2

I didnt think stated income loans were still avaliable anymore. If they are offered in my state how large of a down payment do they usually require?

EricJ · Joined: 09 Jan 2009 Posts: 321 Location: New Jersey

cn

It depends upon the lender. For example, I work with one that will allow a 25% down payment and another that will not touch it unless you have 40%

What state?

jimb12345 · Joined: 24 Jun 2009 Posts: 55

you are will definitely have to show more income to get a loan. Unsure what you do for a living but this is not enough income.