Do you have trouble getting a mortgage because youre self employed? - GoFuckYourself.com - Adult Webmaster Forum

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clickhappy

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#1

Do you have trouble getting a mortgage because youre self employed?

09-19-2004, 11:34 PM

Had a casual conversation with a guy who is a lender and when I told him I do "internet marketing" he made it sound like I would be having a hard time getting approved.
Did you guys have a hard time? (those of you who didnt pay cash lol)
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#2

09-19-2004, 11:37 PM

Did not need one, bought the house outright with cash and I mean real cash.

Had to go down to the bank and take out the final payment $50,000 in notes and go to the lawyers office to make the last payment.

When I bought my previous house in London I had to fill in some extra forms at the bank, but was not a problem. They knew better than me what I was worth.

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beemk

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#3

09-19-2004, 11:38 PM

i have perfect credit and since i didnt have 2 years of work history i couldnt get a loan. when i bought my house i borrowed the $ from a family member and pay interest to them instead of the bank. then i got a home equity loan for some investment property with no problem at all, i just had to show them some pay stubs.

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tical

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#4

09-19-2004, 11:38 PM

as long as you have the bank statements to show you've been earning for a while you should be ok

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clickhappy

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#5

09-19-2004, 11:43 PM

Originally posted by beemk
i have perfect credit and since i didnt have 2 years of work history i couldnt get a loan. when i bought my house i borrowed the $ from a family member and pay interest to them instead of the bank. then i got a home equity loan for some investment property with no problem at all, i just had to show them some pay stubs.

I have great credit too.

Unfortunately a lot of my check stubs say "CyberHeat" on them, and I dont want to show that to a bank, lol
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#6

09-19-2004, 11:45 PM

nope. bought my home for 479,000.00 5 years ago and just was appraised for 1,000,000.00.

Im good as gold.

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rowan

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#7

09-19-2004, 11:56 PM

I had problems when I was self employed in another industry as I wasn't doing so well, but since I've come into adult the bank are happy to see a couple of years worth of tax returns, that's really all the proof of income they required when I applied for my home loan...
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#8

09-19-2004, 11:57 PM

Yes..
I have to produce documents myself saying I am an employer of a company I own....

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lazycash

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#9

09-20-2004, 02:01 AM

Originally posted by clickhappy
Had a casual conversation with a guy who is a lender and when I told him I do "internet marketing" he made it sound like I would be having a hard time getting approved.
Did you guys have a hard time? (those of you who didnt pay cash lol)

Funny you should ask, tomorrow I'm faxing in a home loan application to build a new house I signed the contract for last week. I only have average credit mostly cause I've always paid cash for everything. I'm having to send in bank statments, tax returns along with brokerage and retirement account statements. I've got no debt and will be putting 20% down and my wife makes decent money, so I might be in a different situation than you.

I think there are some other factors that come into play that could dictate whether you got approved besides being self employed. How much you are able to put as a down payment, your current debt to income ratios, along with your fico score all come into play. The mortgage loan business is extremely competitive and there are many out there that are willing to loan those that may be a bit riskier if you're willing to pay a slightly higher interest rate. There's some online services like lendingtree and mortgageexpo that will shop your application to dozens of lenders so that might be a way to go to see if you've got a chance.

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polish_aristocrat

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#10

09-20-2004, 02:06 AM

No mortgages here, I buy a new house / car / whatever after I have earned enough cash for it ( the european way )

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pornJester

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#11

09-20-2004, 02:10 AM

No problems here. I have family ties to a mortgage company.

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#12

09-20-2004, 02:12 AM

Originally posted by polish_aristocrat
No mortgages here, I buy a new house / car / whatever after I have earned enough cash for it ( the european way )

that's not the european way

the eastern european way
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#13

09-20-2004, 02:19 AM

Originally posted by bluff
that's not the european way

the eastern european way

Whatever

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#14

09-20-2004, 02:56 AM

I just had to do a No Doc loan and keep 6 months of morgage cash in my bank at all time. The interest rate is higher, but I didn't have to bother with people prying into my business.
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#15

09-20-2004, 04:19 AM

Originally posted by lazycash
Funny you should ask, tomorrow I'm faxing in a home loan application to build a new house I signed the contract for last week. I only have average credit mostly cause I've always paid cash for everything. I'm having to send in bank statments, tax returns along with brokerage and retirement account statements. I've got no debt and will be putting 20% down and my wife makes decent money, so I might be in a different situation than you.

I think there are some other factors that come into play that could dictate whether you got approved besides being self employed. How much you are able to put as a down payment, your current debt to income ratios, along with your fico score all come into play. The mortgage loan business is extremely competitive and there are many out there that are willing to loan those that may be a bit riskier if you're willing to pay a slightly higher interest rate. There's some online services like lendingtree and mortgageexpo that will shop your application to dozens of lenders so that might be a way to go to see if you've got a chance.

Wow, small world... I'm doing a new construct with 20% down and they want everything. Already have another house... it gets tricky when you've got multiple's
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dennisthemenace

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#16

09-20-2004, 04:29 AM

The more you put down, the less they care.

I put about 30% on our place, had no trouble at all.

All the best to you
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#17

09-20-2004, 06:50 AM

I'm a subchapter S corporation so even though I only "pay" myself a low salary that I pay SS taxes on, the bulk of my income is "unearned" income, meaning it shows on my tax return but I just pay federal and state taxes - no SS or Medicare.

I took 2 years worth of returns and had no problems at all getting their lowest interest rate
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lazycash

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#18

09-20-2004, 07:08 AM

Originally posted by shermsshack
I just had to do a No Doc loan and keep 6 months of morgage cash in my bank at all time. The interest rate is higher, but I didn't have to bother with people prying into my business.

Tell me more about this, I'm guessing this is the loan I hear commercials for when they say no income verification required. So do they make you put the 6 months of mortgage payment into a separate fund? I don't mind getting approved at a higher rate as long as I can refinance in six months assuming rates stay down.

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Slick

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#19

09-20-2004, 07:16 AM

When I got a loan for my camper, the bank only required my last 2 years of tax returns to verify my income. The nice thing is that my income grew considerably, so they were happy to see that. It's gonna make another nice jump up on this year's return, so when I go to them for money to build a house, I'm hoping that they'll give me it

I agree with Dennis, the more you put down, the better chance you'll have to get the loan. I'm looking at building a $290K home. I already have a $20K piece of land paid in full and am hoping that I can have $80-100K in cash to put down on it, so I'm hoping that it won't be a problem.

Last edited by Slick; 09-20-2004, 07:18 AM.
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sexyclicks

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#20

09-20-2004, 07:18 AM

if you put a down payment of 30% or more you can get it no problem
The broker was telling me the same bullshit but once they see the cash they will kiss your ass
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#21

09-20-2004, 07:25 AM

Become an employee for your own corporation, then you get a paycheck, W-2's, the whole nine yards, just like you worked for McDonalds.

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#22

09-20-2004, 07:27 AM

I went through all the stages with a realtor except buying the home, and the deal for me was simple. With a FICO score of 620 or higher, and using a "no doc" or "stated income" loan, it was as good as done.
The interest is a bit higher doing it that way, but if you plan to pay off early anyway, you can offset that with money.

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#23

09-20-2004, 07:28 AM

I just purchased another house using stated income. The house was considered as high value, over $650,000.00. The only paper work needed was the identity information for homeland security and for me to state what I make annually. No pay stubs, no bank statements, no tax returns needed. Since I have A+ credit and was given an excellent interest rate with 0 (zero) points. You just need to shop around.

If you can get a cell phone (not prepaid), you can buy a house.

Originally posted by clickhappy
Had a casual conversation with a guy who is a lender and when I told him I do "internet marketing" he made it sound like I would be having a hard time getting approved.
Did you guys have a hard time? (those of you who didnt pay cash lol)

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#24

09-20-2004, 07:28 AM

no but I put 50% down.

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#25

09-20-2004, 07:29 AM

I have an incredible mortgage broker that works miracles for guys like ourselves. That either don't have 3 years worth of notice of assessment/proof of income or have a sketchy credit history.

He just got us into a $400,000 rental property with 5% down.

If anyone in Canada needs an amazing broker, give me a shout and I will give you his number. He's a cool guy, loves porn and will set you up!

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polish_aristocrat

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#26

09-20-2004, 07:29 AM

Originally posted by polish_aristocrat
Whatever

BTW I remember TGF saying the same in the past....

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#27

09-20-2004, 07:31 AM

Originally posted by charly
Did not need one, bought the house outright with cash and I mean real cash.

Had to go down to the bank and take out the final payment $50,000 in notes and go to the lawyers office to make the last payment.

When I bought my previous house in London I had to fill in some extra forms at the bank, but was not a problem. They knew better than me what I was worth.

That's so silly..you gave up all the tax write offs.....The first thing any good CPA will tell you is you need to have expenses and a house and kid are the best...that's the last thing I would pay off in full.

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#28

09-21-2004, 12:07 AM

Originally posted by charly
Did not need one, bought the house outright with cash and I mean real cash.

Had to go down to the bank and take out the final payment $50,000 in notes and go to the lawyers office to make the last payment.

When I bought my previous house in London I had to fill in some extra forms at the bank, but was not a problem. They knew better than me what I was worth.

Who carries that much cash? They probably thought you were a drug dealer.
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#29

09-21-2004, 12:17 AM

Originally posted by clickhappy
I have great credit too.

Unfortunately a lot of my check stubs say "CyberHeat" on them, and I dont want to show that to a bank, lol

what does it matter what they say on them? dont be ashamed of what you do. if they dont like what your checks say on them im sure theres plenty of other banks that will.

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daveylapoo

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#30

09-21-2004, 12:18 AM

Canada's got some great new things for self employed individuals...no income verification...10% down, and based on your credit history and banking activity...

About bloody time.
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#31

09-21-2004, 12:18 AM

Originally posted by Ganjasaurus
nope. bought my home for 479,000.00 5 years ago and just was appraised for 1,000,000.00.

Im good as gold.

Are other homes appraised at that price really selling for that much? Sounds like great news for you if you can sell it for that much, but in my city there are many upper end homeowners suing the city because their homes are appraised too high; and they don't want to pay that much in taxes (and more importantly they don't believe that they can sell it for that much)
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#32

09-21-2004, 12:21 AM

Just find a good broker, tell them your situation. They have heard it all trust me. A good one will get you funded.

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#33

09-21-2004, 12:22 AM

i always tell myself.. why buy a house if you can just live in with rich hot women?!
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