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Question
Need help quick with home loan?
Ok my husband is classified as self employed so getting a home loan has become a real problem.They go on his tax returns which have so many deductions it has his income to low. We live in ohio and im looking for a bank that will do a bank statement loan or a no doc loan. I mean i think it is so unfair that people who are self employed dont have as many options as people who get a 1040. He makes 1100 a week and we have only one car payment so we can afford to buy a home its just getting them to do it.Please help if you can thanks so much.
2 months ago - 3 answers
Best Answer
Chosen by Asker
Why do you think it's unfair? What your husband is doing is taking deductions and telling the IRS that he had to spend X amount in order to run his business...what he shows as income, is what he PAYS TAXES on.....not on what he gets paid BEFORE deductions. So, since your husband is practicing tax evasion and lying to the IRS about how much he's really making...then why do you think it's unfair that a bank won't support that practice? If you want to reflect his true income, then he needs to stop taking bogus deductions. Waitresses and Bartenders run into the same problem...they don't claim everything they make, and therefore, want banks to "understand" that they make more THAN THEY CAN DOCUMENT. Banks loan on income that can be PROVEN. You won't find bank statement programs anymore unless you are willing to put about 40% down and no doc loans (which we call "liar loans" in the industry), are G-O-N-E. PS: People that get paid by the hour by an employer don't get to practice tax evasion because their employers make sure they pay taxes on every dollar they earn. So your husband doesn't have the "right" to use legal loopholes to not pay taxes on money he earns. You don't get it both ways...you don't get to use income that you already claimed to the IRS you didn't earn...that is why you can't get the loan.
2 months ago
Asker's Rating: 
Other Answers
at this point in time the self employed who write down their true income are screwed as there are no investors for bank statements any longer and stated you better have scores of 720 or greater to get even 85% of the purchase price. It is just the market right now. 6 months a go no problem I am a mortgage banker in Tn & KY
by golferwhoworks- 2 months ago
Maybe you can hire an experienced loan broker to help you with this. Competent and trustworthy loan brokers know how to shop around and negotiate for the best possible deal.
by yoko1san- 2 months ago