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Thread: Anybody get a loan without reporting all of their income?

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    Default Anybody get a loan without reporting all of their income?

    Was speaking with a rep at a local credit union and at first told me I could very easily get a loan for a houseboat (only 30-60k not a huge loan) despite the fact that I report very little of my income if I would just start depositing all of my income into my bank account for a few months straight to prove that I make about 6k/mo. THEN TODAY I called her back to ask another question and she told me she was mistaken and no amount of deposit however high would ever matter to her or the bank because she said the bank will always refer to the tax returns as the most official source of information about my income????? Has anybody else encountered this issue/found a way around it????

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    Default Re: Anybody get a loan without reporting all of their income?

    IT really depends on the lender and what they are looking for.
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    Default Re: Anybody get a loan without reporting all of their income?

    There are lenders who give undocumented immigrants mortgages - so, I am sure there is a company out there who would accommodate. Think it'll just take a little research online, and a bit of reading.

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    Default Re: Anybody get a loan without reporting all of their income?

    I just recently got an auto loan, which kind of falls into the same category as a boat loan, auto and boat loans are usually put together in the same sentence. I didn't get a loan AT ALL UNTIL I COMBINED my sex worker salary with my day job salary. I also was able to get the loan without credit.

    No one asked me what my second job was, nor did anyone go into details about my first job. Just give them some random employer you used to work for that is vanilla. The day job I used was an employer I didn't work for anymore as well. No one selling you a boat or car is going to care how youre making the money, as long as you can show money.

    I have not encountered your situation, but I think it's different for everyone.

    research research research, if you can get a loan without credit, you can get a loan and still be a sex worker and no you don't need to report all your income, I never had to, just the most "recent" source income.

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    Default Re: Anybody get a loan without reporting all of their income?

    Quote Originally Posted by persianprincess View Post
    There are lenders who give undocumented immigrants mortgages - so, I am sure there is a company out there who would accommodate. Think it'll just take a little research online, and a bit of reading.
    Can you post a link to this? I can't imagine how they calculate risk. Most lenders require IRS documents to make sure there isn't a lien
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    Default Re: Anybody get a loan without reporting all of their income?

    Quote Originally Posted by Bahuba View Post
    Can you post a link to this? I can't imagine how they calculate risk. Most lenders require IRS documents to make sure there isn't a lien
    I'm betting they get fake tax IDs, so they do have an irs history.

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    Default Re: Anybody get a loan without reporting all of their income?

    Why would anyone or any company give a loan without doing some homework to be sure they got paid back?
    $30,000 to $60,000 is a BIG loan, a small loan is $500.

    When you buy a boat or a car, all loan providers require you to carry full coverage insurance so if that boat or car is stolen or wrecked they are made whole, NOT you. If that insurance doesnt make them whole then you owe the difference.

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    Default Re: Anybody get a loan without reporting all of their income?

    Loans require a good credit number & history, how you got that money to pay the bills is of no concern to them as long as you can prove you can afford it.

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    Default Re: Anybody get a loan without reporting all of their income?

    I wa talking to a bank about getting a mortgage recently. They told me a good credit score and two years of tax returns. And the bank will give me a loan based on those factors. And my debt to income ratio. In the past, I only needed to write down what I made a year. Show how much I heading the bank. Put 20% down and have a good credit score.
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    Default Re: Anybody get a loan without reporting all of their income?

    Quote Originally Posted by persianprincess View Post
    There are lenders who give undocumented immigrants mortgages - so, I am sure there is a company out there who would accommodate. Think it'll just take a little research online, and a bit of reading.
    Which lenders? Do you know? I'm curious.
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    Default Re: Anybody get a loan without reporting all of their income?

    I would just report your income. The underwriter isn't someone that you will personally have to interact with, and the employees have an obligation to remain professional. If you are worried about it being a local credit union, use a larger bank, perhaps one that you can fill out everything online without needing to meet in person.

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    Default Re: Anybody get a loan without reporting all of their income?

    I did not read every post in detail but... as a generalization-

    It depends on how much of a down payment you are able to make and what type of institution you are requesting the loan through.

    First and foremost, credit unions and large institutions like BOA, Wells Fargo, Chase- are the most difficult to get a loan through. If you are a member of a credit union they are more likely to issue you small personal loans and car loans, but not mortgages. The big banks are also difficult for mortgages.

    If you do not have full documentation ((2 years of tax returns (sometimes 1 if self-employed with a decent FICO), pay stubs or P and L statements, bank accounts to show proof of funds and deposits, etc)) you CAN get a mortgage through a Non-Prime (old Sub-Prime) lender for a home with a 25-40% down payment and a higher interest rate. Obviously cars are easier to finance because they are easier to repo. As are mobile homes and I would assume houseboats; but that is not really an option where I live so I am guessing.

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    Default Re: Anybody get a loan without reporting all of their income?

    Quote Originally Posted by Bahuba View Post
    Can you post a link to this? I can't imagine how they calculate risk. Most lenders require IRS documents to make sure there isn't a lien
    You don't need to be legal at all to have a tax ID or to file your taxes. The IRS doesn't report you to anyone (legally they can't)...they just care you pay your taxes. You don't need to be a legal resident at all to obtain a federal tax ID number (TIN) which functions as an SSN would. http://www.nolo.com/legal-encycloped...ce-social.html

    Filing using an ITIN would give them a full paper trail of IRS tax filings.

    That being said, I've never heard of anyone qualifying for a mortgage or business loan, but there are several cases where I've seen student loans for college while being a "non resident". Its certainly possible that someone would take that risk for other types of loans.

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