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?

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  • 1 decade ago
    Favourite 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.

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  • 1 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.

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  • 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.

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  • 1 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

    I saw your question I have decided to help people out due to the fact that I myself has been scammed four times by four lenders in my search for a loan but at last I got a reliable lender. that gave me the loan($60,000 USD) that I was in dire need of. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email: dr_amandajohnson@live.com, Please tell him that Wann Cole . I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.

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  • 1 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.

    Goodluck

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