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

clickhappy · 09-20-2004, 12:34 AM

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)

Paul Markham · 09-20-2004, 12:37 AM

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.

beemk · 09-20-2004, 12:38 AM

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.

tical · 09-20-2004, 12:38 AM

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

clickhappy · 09-20-2004, 12:43 AM

Quote:

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

Morgan · 09-20-2004, 12:45 AM

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

Im good as gold.

rowan · 09-20-2004, 12:56 AM

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...

Pornopat · 09-20-2004, 12:57 AM

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

lazycash · 09-20-2004, 03:01 AM

Quote:

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.

polish_aristocrat · 09-20-2004, 03:06 AM

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

)

pornJester · 09-20-2004, 03:10 AM

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

bluff · 09-20-2004, 03:12 AM

Quote:

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

polish_aristocrat · 09-20-2004, 03:19 AM

Quote:

Originally posted by bluff
that's not the european way

the eastern european way

Whatever

09-20-2004, 03:56 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.

sweetcuties · 09-20-2004, 05:19 AM

Quote:

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

dennisthemenace · 09-20-2004, 05:29 AM

The more you put down, the less they care.

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

Peaches · 09-20-2004, 07:50 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

lazycash · 09-20-2004, 08:08 AM

Quote:

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.

Slick · 09-20-2004, 08:16 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.

sexyclicks · 09-20-2004, 08:18 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

Adam-EB · 09-20-2004, 08:25 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.

Tom_PMs · 09-20-2004, 08:27 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.

NemesisEnforcer · 09-20-2004, 08:28 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.

Quote:

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)

Rick Latona · 09-20-2004, 08:28 AM

no but I put 50% down.

GTS Mark · 09-20-2004, 08:29 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!

DH

polish_aristocrat · 09-20-2004, 08:29 AM

Quote:

Originally posted by polish_aristocrat
Whatever

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

MikeVega · 09-20-2004, 08:31 AM

Quote:

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.

Goatse · 09-21-2004, 01:07 AM

Quote:

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.

beemk · 09-21-2004, 01:17 AM

Quote:

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.

daveylapoo · 09-21-2004, 01:18 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.

kush · 09-21-2004, 01:18 AM

Quote:

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)

PornGeneral · 09-21-2004, 01:21 AM

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

TheMob · 09-21-2004, 01:22 AM

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

09-20-2004, 12:34 AM	#1
clickhappy Confirmed User Industry Role: Join Date: Mar 2004 Posts: 4,027	Do you have trouble getting a mortgage because youre self employed? 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)

09-20-2004, 12:37 AM	#2
Paul Markham Too old to care Industry Role: Join Date: Jun 2001 Location: On the sofa, watching TV or doing my jigsaws. Posts: 52,943	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. __________________ Blowout deal. 880 videos, 2,400 image sets, plus many RAW videos. $500. PM me for a deal. Skype Paulmarkham70

09-20-2004, 12:38 AM	#3
beemk CLICK HERE Industry Role: Join Date: Jan 2002 Posts: 20,829	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 host with Vacares

09-20-2004, 12:38 AM	#4
tical Confirmed User Join Date: Feb 2002 Location: Las Vegas Posts: 6,504	as long as you have the bank statements to show you've been earning for a while you should be ok __________________ 112.020.756

09-20-2004, 12:45 AM	#6
Morgan Too lazy to set a custom title Industry Role: Join Date: May 2002 Location: Corona Del Mar, CA Posts: 10,520	nope. bought my home for 479,000.00 5 years ago and just was appraised for 1,000,000.00. Im good as gold. __________________ PornstarPlatinum.com \| TransErotica.com

09-20-2004, 12:56 AM	#7
rowan Too lazy to set a custom title Join Date: Mar 2002 Location: Australia Posts: 17,393	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...

09-20-2004, 12:57 AM	#8
Pornopat AdultTubeSubmits.com Industry Role: Join Date: Dec 2003 Location: The Netherlands Posts: 10,598	Yes.. I have to produce documents myself saying I am an employer of a company I own.... __________________ https://stripcash.com/sign-up/?userI...fff832eb95ab6a

09-20-2004, 03:06 AM	#10
polish_aristocrat Too lazy to set a custom title Join Date: Jul 2002 Posts: 40,377	No mortgages here, I buy a new house / car / whatever after I have earned enough cash for it ( the european way ) __________________ I don't use ICQ anymore.

09-20-2004, 03:10 AM	#11
pornJester Confirmed User Join Date: Mar 2001 Location: Florida Posts: 6,138	No problems here. I have family ties to a mortgage company. __________________ FreshBucks \| Webmaster Vault \| GayAW Trusted Names in Adult. ICQ 9157.3698

09-20-2004, 03:56 AM	#14
shermo Guest Posts: n/a	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.

09-20-2004, 05:29 AM	#16
dennisthemenace Confirmed User Join Date: Feb 2003 Location: In the present moment Posts: 2,668	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

09-20-2004, 07:50 AM	#17
Peaches Old broad Join Date: Oct 2002 Location: Away Posts: 13,933	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

09-20-2004, 08:16 AM	#19
Slick Confirmed User Industry Role: Join Date: Feb 2001 Location: Houghton, MI Posts: 7,338	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 at 08:18 AM..

09-20-2004, 08:18 AM	#20
sexyclicks Confirmed User Industry Role: Join Date: Mar 2002 Location: c9media.com Posts: 3,240	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

09-20-2004, 08:25 AM	#21
Adam-EB Confirmed User Join Date: Mar 2004 Location: Tampa Bay, FL Posts: 393	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. __________________ SIG TOO BIG! Maximum 120x60 button and no more than 3 text lines of DEFAULT SIZE and COLOR. Unless your sig is for a GFY top banner sponsor, then you may use a 624x80 instead of a 120x60.

09-20-2004, 08:27 AM	#22
Tom_PMs Confirmed User Join Date: Jun 2004 Posts: 2,049	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. __________________ You've read it, you can't unread it.

09-20-2004, 08:28 AM	#24
Rick Latona The Best Ideas Start Here Join Date: Dec 2002 Location: Atlanta Posts: 6,037	no but I put 50% down. __________________ Regards, Rick Latona http://latonas.com Latona's - We Sell Money Making Web Properties Note to buyers of websites and traffic: please check our inventory at http://latonas.com/websites-for-sale. If you would like to make an offer on something, just let me know.

09-20-2004, 08:29 AM	#25
GTS Mark Vrume Mark Industry Role: Join Date: Jan 2001 Location: Toronto, Canada Posts: 20,912	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! DH

09-21-2004, 01:18 AM	#30
daveylapoo Confirmed User Join Date: Dec 2003 Posts: 423	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.

09-21-2004, 01:21 AM	#32
PornGeneral Confirmed User Join Date: Sep 2004 Location: In front of computer Posts: 564	Just find a good broker, tell them your situation. They have heard it all trust me. A good one will get you funded. __________________ "The object of war is not to die for your country but to make the other bastard die for his." -Patton "Only the dead have seen the end of war." -Plato

09-21-2004, 01:22 AM	#33
TheMob Confirmed User Join Date: Jan 2003 Location: 2006 Posts: 8,584	i always tell myself.. why buy a house if you can just live in with rich hot women?!