I am self employed and need a mortgage loan?
While i make plenty of money and have good savings (also have a great credit rating) much of the money I make is under the table and can't be proven. Can I still get a mortgage loan and how/where would you recommend I start?
- LandlordLv 71 decade agoFavourite answer
The only income they will count is what appears on your tax returns. Telling them you are committing tax fraud will not help you get a loan.
- Unknown TruthLv 51 decade ago
The trick here is to prove your income. Since you have a great credit rating, it will make the chances of getting a loan much better. Most creditors will give you a loan with a large down payment. Take a copy of your past tax filings. This will help in proving income. I recommend you try using a real estate agent in getting a mortgage. They are experts in their field, and probably have experience with self employed individuals.
- 1 decade ago
There are loans called "stated income loans" - where income isn't verified. I believe those are still available, but they have tightened up quite a bit on the requirements. You'll need excellent credit for it to even be an option. Ask your lender for more detials.
Another option would be to get a co-signer. That will enable you to qualify for a higher amount.
- estielmoLv 71 decade ago
If you have illegal income you can't use it to buy a home. The banks require tax statements. You could try a loan shark, but their interest is 20 or 30 times higher than a bank's and the first time you're late they kill you.
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- 1 decade ago
I am Wann Cole from the united state. i am a student
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- Sam FisherLv 41 decade ago
you need your Full Tax returns and paystub (but u don't have one?) I won't lie to you, this will be hard. The creditor may render your application inadmissible on the grounds of income verification. Try local unions, etc.
With the bad credit situation, I feel you just might get lucky....keep searching...it's a good time to hustle hard on this.