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Thread: How do I buy a house ? Verify income..

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    Default How do I buy a house ? Verify income..

    My husband and I are buying a house and the mortgage lender wants proof of income. How do I verify this we are due to move in the next 40 days .

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    God/dess shanna dior's Avatar
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    Default Re: How do I buy a house ? Verify income..

    Have you ever filed taxes on your dancing income? Paperwork form the past year or two on that could suffice. Or if you regularly deposit the money in your bank account, perhaps some statements showing that for a few months or a year or so. Your best bet is to ask the lender what sort of proof of income they want to see from you. It's pretty normal for independent contractors to buy houses, so they'll have an answer.

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    Default Re: How do I buy a house ? Verify income..

    Tax returns ... only taxable income counts towards the mortgage process.

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    Default Re: How do I buy a house ? Verify income..

    Depending on how Lenant the bank is, a letter of proof of income. For instance, a waitress could ask her her boss to write a letter headed document that you make roughly between x-y in tips. You just started before tax season hit if you need to dig the excuse deeper lol...it worked for me with my apartment. It may different with houses...good luck!!!

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    Default Re: How do I buy a house ? Verify income..

    i didnt start this job this jan after tax return time :/ so im not sure what else to do he did say i could use my bank account and now hes going back on that im not sure if he forgot iknow he goes through alot of people but yea. :/

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    Default Re: How do I buy a house ? Verify income..

    I think for a higher downpayment they do offer mortgages without the paper trial usually required, but I forget what you have to show - quick google search should help.

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    Default Re: How do I buy a house ? Verify income..

    i'm in the real estate business. if you are that early in the process of getting your mortgage i don't see how you would be able to close on a house in 40 days.

    Also, unless you filed taxes for the last 2 years for your dancing then you don't qualify.

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    Default Re: How do I buy a house ? Verify income..

    I saw this earlier and wanted to wait until I could properly respond. You have a few options. If you just started dancing this year and it is not on your taxes from the last few years it is going to be tough to use that income.

    As a general rule of thumb, they will use 2 years tax returns and then your current proof of income (pay stubs, profit and loss statements or direct deposit advice) for the past 30 - 45 days. The mortgage lender will also do a verification of employment where they contact the employer to make sure that you still work there, your start date and your rate of pay. If you are self-employed they will not do this and will verify some other way such as looking up the business registration with the state.

    You did not say what you did before. If you danced at a different club and just started at this club but declared your earnings and paid taxes; you will just need a profit and loss statement year to date (Jan- Feb for now and then March as well). Your bank accounts will need to closely match and they will base your income mostly weighted with what is on the taxes.

    If you did not dance before taking this job in Jan. but it was a SIMILAR line if work (entertainment, or another bar or nightclub) and you reported the earnings and paid taxes on them- you should be ok but will need to get a little creative in what you say your job title is so it is the same "line of work" for 2+ years.

    If you have another job and dance as a second or side job you will not be able to use the income from dancing because you need 2+ years with exceptions made for being out of work due to temp. disability, paternity leave or for attending school if you took a job in the field that you were studying for. This is not the case here- just putting the info out. You would be able to use the income from the primary job as long as it is documented and on your taxes.

    If none of these things apply to you or fit your situation; you can purchase with a bank statement program as Persian Princess suggested. You will need 20% down in most cases but there are a few lenders that will take 15% down. You need to show them 12-24 months of bank statements showing deposits to match the income you are claiming within 10%. There are other programs as well such as hard money or stated income but these are meant to be used on investment properties and are pretty risky.

    Otherwise, you would have to use just your husband's income. If you are concerned that he does not make enough you may also be able to get down payment assistance. I do not know where you live or what is available or not available. But where I live there are a few cities that give between 30,000 and 50,000. So, for instance if your husband got approved for 160,000 (which he does need very much income for if you do not have a lot of debt) and you can get an additional 40,000- you would have 200,000 - closing costs you can purchase a home up to 189,000- 190,000.00. Many people do not realize these programs exist but they do.

    Lastly, as another poster mentioned you are on a tight time frame. Ask your mortgage person to process your application as TBD. That means they would not need the property address to begin the process. They can not run it through most automated underwriting systems to get an approval but they should be able to get all of your paperwork in have an initial underwrite done. It should speed up the process. If you try and apply for down payment assistance 40 days is not enough time.

    Can you go month to month for a few months where you are now?

    If you have the down payment to do the bank statement program- ask the current mortgage person if they do these loans. If they don't; or you have any questions about the info I posted, down payment assistance programs or anything else related to a mortgage PM me and I will do my best to help you.
    XoXo Gia
    Danielle Fishell (the Dish): "If the Super-Star thing doesn't work out, Gia makes a great stripper name"

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    Default Re: How do I buy a house ? Verify income..

    Quote Originally Posted by Stephanie1000 View Post
    i didnt start this job this jan after tax return time :/ so im not sure what else to do he did say i could use my bank account and now hes going back on that im not sure if he forgot iknow he goes through alot of people but yea. :/
    most mortgages will require at least two years of proven income / taxes,

    what did you do previous to this job?

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    Default Re: How do I buy a house ? Verify income..

    Do you guys know if renting a house or apt has the same set backs with the bank?

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    Default Re: How do I buy a house ? Verify income..

    Quote Originally Posted by Stephanie1000 View Post
    Do you guys know if renting a house or apt has the same set backs with the bank?
    You don't need to go through a bank to rent a house or apartment, just the landlord (or rental company), so it's far easier to get a lease than a mortgage. Some landlords just want first and last month's rent while others will want to do a background check (ranging from calling references to checking your credit), so the process varies but it certainly won't be as onerous as getting a mortgage.

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