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Thread: mortgage for strippers

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    Default mortgage for strippers

    Can somebody tell me or give me advice on how to get a mortgage when we can't prove how much we make or give them an average? I'm tired of renting and want to buy a house but don't know if I can't get a mortgage since we can't verify our income. Plus my credit score isn't so great, its 593. Can somebody refer me to somebody? I heard of no doc mortgage or stated income but where do I go for that? Also I don't always deposit money in the bank so it wouldn't show on m bank statement.

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    God/dess ViolaStrings's Avatar
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    Default Re: mortgage for strippers

    You only route is to start reporting a reasonable amount of income on taxes for a year or so and have some savings.

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    Default Re: mortgage for strippers

    Maybe you can get your manager to write a statement saying you make x amount, sign it, and give a contact phone number.

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    Default Re: mortgage for strippers

    I think this belongs in dollar den.
    CARMEN IS HOTT 4 A BLACK CHICK!!!!!!!!

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    why does Janet Jackson have a headset on her head?!

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    Default Re: mortgage for strippers

    Well none of those things will work. With 1 in4 homes in foreclosure from companies lending to freely things have tightened up alot. I own two homes anwill tell you what I had to show. 3 years tax returns, 6 months bank statements and your credit needs to be around 700 minimum. If you want to do a non income stated loan you still have to verify some things and your credit will need to be around 750 minimum and you need to put down 20 percent.

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    Default Re: mortgage for strippers

    ^ um.. showing you paid your taxes is proof of income.

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    Default Re: mortgage for strippers

    yea, in this market, you'll def need 20% down so start saving
    These days I like to count my money. I like to wash it delicately and iron it. Sometimes I dry it with some bounty to make it all nice and cuddly. I love my money... did I say that out loud?

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    Default Re: mortgage for strippers

    Unfortunately, no docs and stated loans are pretty much gone unless you have a 720 or over credit score (and even then it would cost you). Your best bet is to start saving for 20% down and for the next two years claim as much as you can on your taxes. And start working on your credit. Two years is plenty of time to get it up over 680, which is where you want to be.

    Go to a mortgage officer in your area and have them go over your credit report with you. If you have old debt, pay it off. If you have high debt, get it down so that you owe no more than 30% of your credit limit (you can also do this by having the credit card company raise your limit). If part of the reason your credit score is so low is you have no current credit, get a secure credit card or a Target card (they'll give cards to pretty much anyone) and buy $10 of stuff on it every month and then PAY IT OFF EVERY MONTH. This will do wonders for your credit.

    If for whatever reason you need a place NOW, some seller's will offer seller-carried mortgages. They do this because they can offer you a higher interest rate and make money on the difference they're paying on the real interest rate (if they even have a mortgage still on the home). Usually you'll only be in this arrangement for one to three years, and by that point you need to be able to get a mortgage of your own. A real estate agent with experience in sub-prime should be able to tell you more about this.

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    Default Re: mortgage for strippers

    Uh yeah showing you paid taxes is prrof of income but what was stated was one year was enough and sorry its not!

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    Default Re: mortgage for strippers

    short explanation is that capital for new mortgage lending is now in very short supply, thanks to the subprime mortgage failures, thanks to failures of mortgaged backed securities, thanks to US banks and financial institutions having to 'write down' billions of dollars worth of derivatives losses etc. Since nobody in America SAVES money, additional capital for new loans in large part must be derived from foreign sources. Those foreign lenders are very nervous about taking losses, thus the creditworthiness standards they are now imposing are much stricter in the area of would-be low-doc / no doc / subprime mortgage applicants.

    As a self-employed business person, in order to have any reasonable shot at obtaining a mortgage with a tolerable interest rate, you'll need the following ...

    - cash in the bank to cover a 20% down payment plus 5% closing costs and fees

    - at the very least a three year paper trail of your finances. including tax returns showing sufficient declared income to afford the mortgage payments on top of existing bills / expenses for each of those three years

    - 2 years worth of bank statements / credit card statements / car loan statements / other bill receipts showing your average monthly expenditure levels

    In addition, there is no getting around the fact that lenders consider all self-employed persons to be financially 'unstable' to some degree. If they discover that you are involved in the adult entertainment industry, some potential lenders may reject your application outright based on excess risk - i.e. you may be out of work tomorrow due to a broken ankle and no medical benefits, your income may be cut in half by the passage of a new state anti-lap dance law (a la Ohio), you may be out of work for a while due to your club or yourself being busted etc. By the same token, lenders also recognize that professional athletes / adult entertainers etc. will NOT be able to sustain their current levels of income over the entire 30 year term of the mortgage loan they are applying for, introducing an even greater risk that the borrower could go belly-up 5-10-15 years into the mortgage.

    This is not to say that if you manage to save up $50-60,000, and if you file three years worth of tax returns showing enough income to explain where the $20,000 per year in savings came from (on top of paying your other bills and living expenses), that you can't find a mortgage lender who will approve a $200,000 mortgage for you. However, odds are that such a mortgage lender is going to want to cover your higher risk of default / bankruptcy by charging an interest rate that is up to 2% higher than a 'prime' mortgage borrower with a steady union job and 10 years worth of stable financial paper trail could get. This potentially means that instead of getting a 6% fixed rate $150k mortgage with a monthly payment of $900, more likely the best you will be offered is an 8% fixed rate $150k mortgage with a monthly payment of $1100. Over the course of your mortgage, that risk premium will wind up costing you an extra $150,000 on a $150,000 mortgage !!!
    Last edited by Melonie; 06-09-2008 at 06:03 PM.

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    God/dess ViolaStrings's Avatar
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    Default Re: mortgage for strippers

    ^ what she said.

    Listen to the woman, she's a financial genius.

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    Default Re: mortgage for strippers

    thanks all for replying, and thanks Melonie for the details, especially the risk factor, I didn't think of that one. so I guess theres no getting around renting for a few more years

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    Default Re: mortgage for strippers

    ^^^ well, for 'strippers' there is a much easier way. Work extra nights, save up the entire $200k, and buy the house you want without making mortgage lenders rich !

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    God/dess ViolaStrings's Avatar
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    Default Re: mortgage for strippers

    Yep. If you can average $500 a night, that's 400 extra nights of work. That sounds like a lot, but considering that the average person takes 15-30 years to pay off their house and pays FAR more than their house is worth in the meantime, we have it pretty good. That's two extra nights of work a week for about 4 years.

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    Default Re: mortgage for strippers

    I hope that I can do $500/week and have a house by 30. I am 23.

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    Default Re: mortgage for strippers

    Quote Originally Posted by Melonie View Post
    ^^^ well, for 'strippers' there is a much easier way. Work extra nights, save up the entire $200k, and buy the house you want without making mortgage lenders rich !

    thats such a good idea! is it really possible to buy a house outright? im sure there are still fees and stuuff right? do you suggest to save the money in the bank or hoard until the big day? so lost, but I have been saving and this option is looking pretty good!

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    Default Re: mortgage for strippers

    Unfortunately I don't want to live in an area where the houses are $200,000. I need about double that .
    I'm confused, but the Chewbacca Truffle Shuffle cleared it up. - Emily

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    Default Re: mortgage for strippers

    Quote Originally Posted by holiday View Post
    Unfortunately I don't want to live in an area where the houses are $200,000. I need about double that .
    With the market, and foreclosures being as they are...you CAN live in an "expensive" area of town and buy a $200,000 house. Some of those $400k+ houses are selling for wayyy under what they are worth. It's definately a buyers market.







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    Default Re: mortgage for strippers

    Oh, ya totally ^ but Portland Or. is still pretty unaffected by the housing crises, prices here haven't dropped. I don't think I could find a one bedroom condo in the suburbs for $200,000.

    But I do want to buy. That's why I'm paying a crap load of taxes this year for the first time. I have to get that going.
    I'm confused, but the Chewbacca Truffle Shuffle cleared it up. - Emily

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    Default Re: mortgage for strippers

    if you can't save up greater than 25%, atleast get your credit score well over 700 1st otherwise you'll be a high risk borrower.

    take 2 years and improve your credit while saving up your dp.
    Oh Canada, we stand on cars and freeze...

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    Default Re: mortgage for strippers

    ^^^ with the enacting of the new US regulatory guidance on mortgage lenders re income verification and evaluation of 'worst case' ability to pay, all self-employed persons are now effectively considered to be high risk borrowers !!! Those working in 'short lived but high paying' careers like exotic dancers or professional athletes are considered to be even more high risk borrowers, since the term of the mortgage will exceed the typical 'peak earnings years' available in those careers. Apparently this is not (yet) the case in Canada, though.

    thats such a good idea! is it really possible to buy a house outright? im sure there are still fees and stuuff right? do you suggest to save the money in the bank or hoard until the big day? so lost, but I have been saving and this option is looking pretty good!
    It's absolutely possible to buy a house outright. Yes there will be fees for title search / structural and other tests and evaluations / title registration, but these are no different whether mortgage financing is part of the package or if you are paying 'cash'. In fact, with 'cash' in hand, you may be able to take advantage of some extraordinary deals since you really don't need to purchase a 'conforming' property ( i.e. FNM, FRE, MGIC, PMI etc. all require that the property 'conforms' to particular standards so they can repackage and resell the loan into the secondary mortgage bond market - so anybody who is trying to sell a 'non-conforming' property has extremely few options these days in regard to potential buyers who don't need to rely on FNM, FRE etc. for financing !).

    With the amount of money involved in making a 'cash' purchase on a house, I would definitely recommend letting that money earn as much interest as possible while you are saving. If you live in a high tax state, and if you are going to be earning $1000 - $1500 - $2000 per week on a regular basis, parking your 'house money' in a tax free muni bond fund might be pretty good option. If interest rates were higher and self-employed income taxes were lower I would recommend purchasing CD's or even stocks. However, these days (and particularly so if Obama is elected and tax rates are increased) it's 'after tax' returns that matter thus the thought about a tax free bond fund specific to your state (where the interest will be exempt from federal, state and local taxes). However, if you live in a state that does not charge an income tax, CD's or stock shares or taxable bonds might be a better alternative in terms of 'after tax' returns.

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