Stated Income Home Loan
Posted By: PinkLady on 2007-04-12
In Reply to: Self-employed/IC and buying a house? - sm
I am a self-employed IC and have purchased 4 homes in 4 different states as a single person. I was able to obtain a Stated Income Mortgage based on my credit, rather than my W2. No tax info was used, needed or requested. I guess, if your income is needed along with your husband's to qualify for a loan, then you would need the W2 info. But as a single person you can obtain a home loan based on your credit and not your tax info. Also, if you don't have enough for a down payment, you can take out a "second" against the house you are purchasing to finance your downpayment. You will have a short-term payment for the downpayment and your 30 yr note on the home. I was also able to obtain very low interest rates based on my credit rating.
Good luck, I did have to provide extra documents when I purchased one home with my exhusband.
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Have you considered a home equity loan to
pay off all your credit cards?
If your loan is an FHA-backed loan, you can contact the
to help you. Each state has one assigned to it by the FHA. I'm talking the FHA loans that are 5% down, sometimes bond money is available, etc. Not the one where payments are based on your income, etc.
Whatever you do, contact your mortgagor TODAY. Do NOT delay. Be realistic about what you can do financially to recover -- do not agree to terms you cannot realistically carry out.
You should have several options available to you before foreclosure is started. You might even try to do a quick sale of your home. You have until the very moment they auction that title off.
Try looking for information here:
http://articles.moneycentral.msn.com/Banking/HomeFinancing/FacingForeclosure9Options.aspx
http://www.hud.gov/foreclosure/index.cfm
http://www.hud.gov/offices/hsg/sfh/nsc/reliefop.cfm
Why can't you take the loan for the 50% they -
offered and then payback immediately what you don't need? As long as there is no payback early penalty that is how I would get around that problem, that is if I am reading and understanding this right.
we just had to ask our in-laws for $500 loan
they're like a bank to us ;)
we just had to ask our in-laws for $500 loan
they're like a bank to us ;)
we just had to ask our in-laws for $500 loan
they're like a bank to us ;)
No, they wont LOAN us the 50% (sm)
Not a single bank wanted to loan us the money unless we paid all kinds of points and had a ridiculous interest rate - and only 1 out of 10 said they would do that. The others turned us down flat.
I guarantee if I had half a dozen kids and was on some kind of government assistance we would qualify.
We will keep on keeping on, and hopefully something will change for the better.
thanks everyone for your responses.
FHA loan might work for you
Your credit score can be lower than for a conventional loan and you can get into the house with a down payment of only 3.5%. But I don't believe you can have BAD credit--more like fair. If you have anything unpaid (old bad debt, etc.), then they'll make you take care of those before they give you a loan.
Telling you the appraisal from 3 years ago isn't right, and he knows it. Valuations are down practically everywhere and, depending on your region, could be down substantially. And this business of getting his friend to appraise the house is shady, too. You sure this guy is a good guy?
Lots of people got into big trouble by buying a house before they were ready financially to do so. Tread carefully.
Has anyone had experience with a consolidation loan?
gg
Providing references when getting auto loan
I have to buy a car and the finance company (Capital One) requires 10 references. I don't know this many people. Has anyone been in a similar situation...what did you do?
I have family, but do not want them to know that I am buying a car. Any advice?
I could loan you my husband for a week. I'm not frugal,
mm
single wide are only kind to depreciate; hard to get loan
nm
Guess he can take out a loan for future schooling! Son found a phone
s
As long as you have an income
As long as you have an income you file. Over 70 is for social security where you can earn as much as you want and still collect your full SS. Boy is that was true all of the rich would be lying about their ages so that they did not have to pay taxes.
Too much house for you on your income...
especially with a new baby and all that requires...take into consideration if you have car payments, credit card payments, student loans, plus utilities, etc. Talk to a mortgage lender, what is your mortgage rate going to be, how much can you put down on the house, see what the lender says. Don't get in over your head...some people want it all right away, instant gratification. Take your time. Good luck
probably since any income is taxable
income for the year it is received. That is why you get a statement of earnings for it.
It is possible to increase your income
Pay off the house! Congratulations!:-)
Is it possible to increase you income temporarily to put towards the cc debt? Can your dh work side jobs or a second job?
After you pay off the house, I would start pay off the cc from the smallest balance first.
200
2K
4K
10K
I would not withdraw from retirement but stop paying it right now. After you pay off the house, put all your money into paying off the cc debt.
For the 4K and 10K I would write them a letter and try to get a lower APR.
If your income has been cut in half (sm)
I have to ask - what are you spending the money on? Rent is the first thing you should pay, then food, and then transportation. If you are worried about paying credit cards first, or some other debt, you are cutting your own throat.
I would advise you to do some looking at Dave Ramsey. He has several excellent books, available usually from the local library.
Also, as for the husband, sit down with him and talk to him - I don't know if you have done this or not, but his playing the video games may be a way for him to escape. If he has always been responsible in the past, then his irresponsibility now is probably a defense mechanism.
You both need to step back and take the emotion out of it. If you are not able to do that, the situation is not going to improve. You both have to show commitment to making the relationship work, even on so little money.
If you have a pastor or some sort of mentor/advisor, that might be a good place to start, once you have talked to your husband. A neutral party who can look at the situation from all sides can help.
Good luck, from someone in similar shoes.
HC
if we get to their 75,000 annual income qualification
then they can qualify us for that. 
How do you manage at income tax time?
Do you file separate returns?
Would you also want your income taxed at the 40% rate?
At one time England did that. The friends we had in Cananda said they were taxed to death on their income, but they were pretty pleased with their healthcare. There is no easy solution.
That puts me in the low income bracket. . . SM
Wonder why I don't quality for any help if that is the case. I have no medical insurance and was just at the ER and it cost me $1800 (so far as lab work not returned yet) to wait for 5 1/2 hours altogether and get a port and three meds administered with a CT scan of head. They charged me $396.00 for the attending on duty to talk to me 15 seconds after the resident saw me. A nurse told me in the ER that they would trim some of the cost for me, but when I called the hospital they said I did not quality. A working person falls between the cracks. Makes me angry they could not help me at all.
If he's elderly and low income, he needs to check sm
with senior services to see if he qualifies for some type of medical assistance aid.
Amen! We are just at a six-figure income..
but you would never know it by our lifestyle. We don't need to impress anyone or put ourselves in debt for material things that depreciate the minute you walk out of store with it or drive it off the lot. Americans need to SAVE money, a concept that has been long lost through the generations.
PS! One more - check to see if you qualify for low-income
It depends on your income range sm
I just got my taxes back and I had IC and employee income on there totally $38K. I worried. End result? $298 more to pay in, a VERY far cry from the $8K I paid in each of the last 2 years as an IC. (I have no expenses to speak of, no mortgage or rent, which really hurts as an IC.)
While on the phone with the tax accountant, I asked if withholding had changed. He said yes for most segments of the so-called middle class. He said that while I lived well and had the biggest ever year as an MT, my income is considered the low end of the middle class, so I get a break. I have noticed about a $100 INCREASE in my paychecks from lower withholding.
This is going to depend on your income range to some extent and also how you have your W-4 set. Mine is single with no exemptions, the highest amount you can have withheld automatically (unless you ask for an additional amount).
The projected tax burden for lower income Americans has decreased and so some of us will see a difference. I have, but it was to my benefit.
As I stated, (OP)
I'm all for it if the child earns it, and clearly a child making that much improvement definitely has earned an award...I am not against them totally, just think enough is enough already...I was waiting on the best teeth, hair, clothes award to come up next (not really, but you know what I mean--I hope)
In everything I have seen so far, she has not stated - sm
that she was using an birth control. If she just came forward to tell the whole world she was pregnant and what a "surprise" it was, with no mention of BC, saying, oops I must have forgotten a pill, my patch fell off, or my diaphragm slipped (not that I can see a 16-y/o using a diaphragm). Just the whole thing, and timing of it to me screams planned pregnancy; though the boyfriend may not have known about it. She is a dumb kid, just ruined her career and promise of a lucrative acting future. She may bounce back but not for at least 5 years I would think. Disney will dump her (as they should, they are promoting kids shows, not horny kids who don't know how to use any of the methods of BC that they can get in a local drug store). While it takes balls to keep a child at such a young age (a girl I knew got pregnant at 15 and kept the baby, I admired her principals but though she was nuts too), I still think it is a dumb thing to do. She should have kept her mouth shut and gotten an abortion. Any girl under the age of 20 (and some older) are just not ready to have a baby, assuming of course that they fully take care of the child. I am sure this kid will have a nanny and Jamie-Lynn won't do much of the actually child-rearing which is wrong too. I wasn't ready to have a kid until my late 20s, and if either of my girls come home at 16, 17, 18 pregnant they are not having that kid; and if they decide they just have to have it, I will not become a mom to it or raise it, I would leave it all to them. My mom told us before any of us had kids that she would not be a babysitter to our kids, (meaning day-care provider), and we all held our own taking care of our own kids, never pawning them off on someone else for the day, weekends, etc. (Other than a babysitter for going out now and then). Would love to see if her mom actually makes her raise this kid.
As I STATED above
I was NOT a civilian, I was a Marine working on an Army base! And, as I stated above, the Army is MUCH more lax than the Marines! The Army promotes people to Sgt in 3 to 4 years! Just one example of the many differences between the 2! And even still, it does matter who you work for, who the IG is, etc.
Very, very well stated. nm
x
You show proof of past income if you need to (sm)
and that should be enough - especially if you have excellent credit. I actually had a mortgage person tell me that self-employed people are basically stuck and can never make more money - needless to say I moved on to another company.
I also have to consider my income - not just whether I enjoy the job; that is my main concern. nm
x
Ideas to earn extra income
In addition to your regular career what do you or your family do to bring in a little extra cash? I started a garden this year and it is doing so well that I think I may try for the local farmer's market next year. Not looking to make a fortune but it would be great if it could pay for extra things like a day at the zoo or pizza and a movie.
eBay is great for extra income...
and also to get things on the cheap. I haven't done it in months so can't really you a monthly amount, but looking forward to getting back into. Good luck to you.
Sorry, the drama has just stated again
in the Bahamas so here another 24/7 coverage for anyone who wants the updates. Oh, forgot to mention her mother has just filed another suit in Florida for disposition of the body! My goodness!
That part did not need to be stated at all--sm
as it surely led some to think that it was because he was Korean that he did this. He spent most of his school years in America, so he would not have had that particular culture that you brought up, in his head. He was a troubled young man and I surely don't think it was because he was Korean. JMO
Someone on MQ board stated
last week theirs was showing up already in direct deposit for a post date of Monday, April 28. I heard there will be direct deposits all this week for those who had their tax refund direct deposited. Keeping my fingers crossed as I should be in the next group.
As I stated before, if you knew what
the emails said, you would think differently about the whole situation. I have told her to not contact me if she isn't getting the kind of response she thinks she deserves or wants. It is not my place to give her any info about her bio dad. If she found me, she can find him. I have no right to allow her to disrupt his life, just as she has no right to disrupt mine if I don't want her to. Again, so sorry if I don't come across as the loving, nurturing mommy type to you. Is your life unfulfilled, because if so, I'll give you her number!
If things were as she stated then yes ...sm
she was a good owner. The only thing I disagree with the former pitbull owner is personally I won't take my dogs out in public loose. On a ranch wherever. They stated they had the dog at a ranch with them where the dog went frequently with no leash. I understand they had no reason to leash it because they didn't see it as dangerous but mine has never been dangerous eitehr. But see with me I wouldn't even let my dog run loose in my front yard and I live in the country. There is too much potential for accidents. What if he runs to the road and gets run over? What if someone pulls up and he doesn't know them? How would he react to a stranger? As the owner I have to make sure he doesn't get harmed or harm anyone else. They have to be on a leash if I take them anywhere. That isn't just my pitbull but beagle also. My pitbull is kept either in my backyard in a fenced in area he can't get out of or in the house. My pitbull has not given me reason to isolate him but I just have a rule that he stays in my control at all times. Some people do allow their pets to go in public without leashes or to go to friends houses or where they work and not leash them and that is okay for them but that is also how accidents happen. My dogs are not mean. But they never have that opportunity to bite or anything. If someone comes over my pit doesn't know he is put in the backyard and then maybe brought in and introduced to the new person and he is usually fine. I am a responsible owner. This is with any dog I have not just the pit. I don't allow the beagle out in public either not cause I think she is dangerous by all means she isn't but what if she gets ran over if she isn't leashed or in the fenced in yard. I just feel like it is my responsibility to protect them and other people from them whatever breed they may be. That is the only thing I think the former pit owner could have done different BUT not all people agree with dogs being leashed or isolated in fenced in yards. Everyone has a right to not like pits. And some are mean. Some are very dangerous. But a lot of them are so sweet and so loveable. You just don't know the love some can show. I have a beagle and a pit inside and the pit believe it or not is more affectionate. Not to say the beagle isn't affectionate but she is not AS affectionate as the pit. I am just stating that I believe all dogs should be kept on a leash or in a fenced in yard they can't get out of. I also have a warning sign on the fence saying warning: Dog. Just in case. He may not would bite but in case I will put the sign up and people will know he is there.
No, I think I stated that wrong
They, for some reason, think we voted for GW (which we didn't). They mainly believe we voted for GW because we lived in the same city as their wacked out relatives who did vote for GW, so they just assumed that because we lived in the same city we voted the same. We voted independent but because they voted for AG and then JK, they think they have higher intelligence than us. Even when we told them we didn't vote for GW. It didn't matter because we didn't vote for who they voted for they consider us the lesser.
Know exactly what I stated and any number
approaching 8 is a litter. I have enough sense to know difference between normal births and in my words, nothing but a litter. The mother needs to be spayed. Now come back on that, also.
Sorry - for your sake I hope the reason was too much annual income. (nm)
that's nonsense! I make a six-figure income all my myself being an MT. Hubby has no need to wor
xx
Agreed to let hubby have all the refund on the income tax and drat!
See, it is like this. I told hubby to take his check book today because it costs quite a bit to get our taxes filed at H&R and I basically did not care about paying for it this time (between paydays really). I said if you will pay the charges to file, then they will have your check and anything we get back you can have and if we have to pay a really big amount, I will go and take that out of a bigger account in my name and I will pay, so it will be win, win situation for you. Drat! Can I take that back now? He has paid most all the income tax this year, as an independent I did not pay my fair share but yet, now he is getting close to 5,000. Can I renegiogate? Anyone else do this sort of crazy thing and then wish they could take it back? Darn, drat, dagnab it!!!!
She already stated that the garage was full
and that they said they would take them instead. Sometimes you do things like that for family, ya know?
Also, she would most definitely say, "why did you store them near the street where you had other things stolen before and stored yours in a safe place?" That is negligence!
Since their quads were not stolen, only the ones right by the street, it is obvious they acted negligently. She stated that the only things stolen on the property were right near the street before. Why would someone put something that they are storing for someone in the same place? That is negligence.
I have no doubt she would probably tell the OP that they should have cleaned the garage and took care of their own quads, but legally, her sister is at fault.
Stepped on a lot of toes when I stated
about how these posts come across, i.e. women stating how to take time of the baby, soccer time, cooking, doing the clothes, etc. and still complaining about not being taken as professional. Well, duh. As you stated, the perception is doubled when working from home your life is a bunch of bon-bons. Just the other day was told by a friend I could wear my PJs if I wanted to while working. That is definitely not something I do but the perception is there regardless and then the MTs come on here oh woe is me, what will I do with Jr. while I'm working. They should have to do the work like your grandmother years ago and probably would be grateful to have the opportunity to be at home and really keep their attention on their MT work instead of moaning and groaning. If you have to do your housework while working, do it and don't moan about it. Comes with being a mother and working at the same time.
I guess I could have stated my comments
a little more detail. Both MIL and DIL like to cook. We always have a wonderful Christmas and Thanksgiving dinner. I guess I was just raised in a family that we had family traveling in to visit, we would do just a little extra. BTW, we actucally have a joint Pizza Hut and KFC restaurant. We call it the Cluck and Hut. That is why I suggested KFC. Doesn't matter now, I got butchered at the beauty shop last night and have been crying ever since. I am not leaving the house for at least 2 weeks.
Rosie O'Donnell as stated below
Yes, stated in post I take supplement
and that is the gluc/chon daily, no I do not stretch because usually hit the floor on a run to do all I need to get done. I took arthritic swim class for the pain and it got worse so don’t feel exercise is all that.
This is 100% correct and like I stated earlier
The mother is making excuses for them not to go. She needs to check her attitude because kids play on this. Pack a bunch of things they like and don’t play into their crying. She apparently does not care much about the MIL- it comes out in her posts- saying she only wants to show them off? Most grandparents want to show off g'kids. This is not unusual.
The OP stated below in the thread that started this whole
conversation that he says he has told her "everything" he knows. If that's the case, then why not tell her about his education. She loves him, for Pete's sake. He does sound like a wonderful man. I just don't understand the secretiveness. It's not like she is a casual acquaintance. This is the person he has chosen to spend his life with, so why not share his life with her. My husband didn't even finish high school but he didn't mind sharing it with me. Maybe we're just strange, but that's the way it is at our house (been married almost 30 years).
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