Quote:
Originally Posted by davidd
You obviously have never heard of: "No Income Verification Mortgages".
In Florida we have them and I am sure they are available throughout the country... They are designed for people who are "off the grid". You have to have superior credit (800+) and a relationship with the bank helps.
Check it out and note how much can be borrowed...
http://www.suntrustmortgage.com/noincome.asp |
I speak from the Canadian perspective in my last post. Banks here want to know that you will be able to handle the mortgage payments along with all the other expenses that owning a home brings. If your declared income can't back that up then your chances of getting a mortgage here is slim to none.
But no matter, NIVM or not, I still say most if not ALL banks no matter where they are prefer it if you actually have an income that shows you can support a certain debt load rather than underwrite someone for a $250K mortgage whose income tax returns for the past several years shows then as living near the poverty line.
I have no doubt that going with minusonebit's advice of padding your expenses and failing to declare all of your income will eventually catch up with and bite in the ass anyone who takes that advice. Period.