Question


lisa198...

getting a home loan, but meet the income guidelines?

I live out in washington the state...so housing is very expensive out here...even for a small 3bd/2ba mobile home it can get up to $200,000..anyways...ive been a waitress for the last 2 years...so I can't really prove my income. If I were to go out and get a loan I would only qualify for a $100,000 house..no such thing out here. But the thing is is that for the last 1.5 years I have been paying $825 for rent..at a low interest rate that could be a loan thats around 185,000..would anyone (banks) take that into consideration? that I am obviously able to pay $825 a month? thanks.

4 weeks ago - 7 answers

Best Answer

Chosen by Asker

You would have to provide tax paperwork as proof of income. Banks or mortgage companies go by your credit score. If you have good credit it is possible to get approved. It is up to you to budget your money and know how much you can afford each month.

by ~*Mama-of-Two*~

4 weeks ago

Asker's Rating: 

Other Answers

you should be declaring and paying taxes on all of your income...now that you haven't you are asking for help?>

by Mar C- 4 weeks ago

You think $200,000 is expensive??? LOL I would KILL for a 3bed 2bath place for $200k!! Move down here to Los Angeles County and I will show you expensive. A house in my neighborhood STARTS at $650k and that is in a rough neighborhood.

by Ryan M- 4 weeks ago

"so I can't really prove my income." Well, if the reason you can't is because you "forgot" to mention your tip income, then good, you don't deserve a loan if you have been cheating on your taxes. By law, you are required to report 100% of your tips to your employer. If you had, it would have been on your W-2 and on your tax return.

by the tax lady- 4 weeks ago

Time to move. Besides actually getting the mortgage, your 825.00 will get you roughly an 82-83k dollar house. You figure the monthly is roughly one percent which includes taxes, PMI etc. Loan requirements have tightened up these days.

by AnswerGuy- 4 weeks ago

I understand your situation- the best thing for you to do is to sit on your money and wait for the housing prices to drop another 20% within the next two years and you'll be able to put a larger down payment on it while at the same time get a lower interest rate on the loan.

by Michael- 4 weeks ago

well if you have been reporting your income on your taxes, like you should be, you can use your previous tax returns to show income

by I gotz that wicked clown love- 4 weeks ago