Any of you had trouble getting a mortgage working in this biz?
 

Im doing an application for one soon. Just giving him my tax records since Im self employed.
Is it any harder or stricter getting approved when youre self employed as a webmaster, or did you have no troubles?

Since im giving him my tax records I dont want to get asked about all my dedcutions and what they mean, I hope they just look at my gross and net and leave it at that

I always go stated and never had an issue.

For future stuff I would go get a corporation. My bank told me they would want to see tax records for the past 2 years as well but said I would have no problem getting a big loan if I wanted.

I dont understand what stated means.

Say I made $100k and after expenses I took home $75k.
Would stated mean I state I made $100k?

I do mortgages. I may be able to get you one depending on your state of residence. ICQ me and we can talk: 137043269. If nothing else I can give you some advice if you need it.

As long as you can show income tax returns showing self-employed income of 3 years then you will be OK.

we had to do the exact same thing but we got ours.
good luck!

No Documents.. I tend to like my privacy. Using a broker I still get decent rates but not as good as a full doc mtg.

More info.

http://moneycentral.msn.com/content/...acy/P33720.asp

Yeah thats the way to go getting our mortgage was no problem

tax returns for the past two years or bank statements & check stubs for the past two years (higher interest rate this method)...

I dont mind showing my last 2 years tax returns. I just dont want to get audited by them and have them break down my returns and going thorough my costs and expenses.

thanks. the guys im going too is a friend of my family so I have to go to him.

No problem. You shouldn't have a problem getting a mortgage. Good luck!

OK, if you want a real World assesment of whether or not it means anything...

Arika just bought our house, yes, it is in her name (legal reasons for that...). She is 19, and her site has been open for less than a year. She told the realtor what she did, he in kind told the mortgage broker, who in turn told the title agency and lending company. In the end, it was a NON-ISSUE. She was able to finance 200k only showing a tax return and proof of income (CCBill stats) for a 30yr fixed loan. We were given a bottom line "due at closing" number and we made that with no problem, and closed in less than an hour.

My advice is to find someone you trust, show them what you feel is important as far as your income, and let them work out the rest.

edit - let me clarify, at the time the house was bought (2+ months ago) her site was less than a year old.

If anyone is looking to get pre-approved or re-financed on a mortgage (in Canada) please let me know and I will hook you up with my broker who specializes in Self-Employed individuals. He's actually setup over 5 of my porn friends with mortgages in the past year :)

Give me a shout and I will get him to contact you :)

DH

go stated as people mentioned above. best rates i've seen are 5.2% at NationsPoint for 80/20 (8.9% for the 2nd). all they need is your past 12 months of bank statements and a Fico above 620 and you get 100% financing. Amount approved is based on average monthly bank deposits...