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Thread: need info about getting a home loan

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    need info about getting a home loan

    i`m a dancer in los angeles , Ca , I`m 22 and i`ve just moved to this country 2 years ago from europe. i have most of my papers but SSI . i have a tax id what allows me to work as an independent contractor or own a business, so this way i finally started to build my credit , but it`s still nowhere (however i do own a credit card).
    I would like to buy a house or condo with possibly no money down because i`m a first time buyer. My only proof of income is my checkking account (since i just started to dance I haven`t filed any taxes yet) and i don`t have relatives or cosigners. Obviously I have money and can affoard a morgage but it`s a lot of hassel to find somebody with my conditions!

    so if anybody knows a realtor or bank or loan officer who works with dancers and with this type of loans in los angeles please let me know!
    thank you , thank you, thank you

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    Featured Member scorpio's Avatar
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    Default Re: need info about getting a home loan

    I work for a mortgage lender and do know of one or two banks that do lend with no SS# and use your TIN# instead (which is completely illegal)

    You will absolutely NOT get a mortgage like this with no money down, and will have to come up with 15-20% and pay a rate of around 8%.

    According to the IRS, using anything but a SS# for credit is illegal. www.irs.gov
    Last edited by VenusGoddess; 01-09-2005 at 02:50 PM.

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    Default Re: need info about getting a home loan

    I just got a mortgage myself. There are people on this site that know more about this than I do, but I'll share my experience anyway.

    This was actually my second time going through the mortgage process.. The first time I had no money to put down, and had to go an FHA (first-time homeowners), but I had to show proof of income through tax returns. No matter if you are buying a house, but ESPECIALLY if you are buying a house, you should be reporting your income. I financed my closing costs in the mortgage.

    You are in a pickle here. The only way you can even get a mortgage is if you do a no doc mortgage, which is the kind I just did for my most recent house. To get one of these, you need good credit and a lot of money down (in my case, 20%).

    You have a lot of work to do. You need to establish credit, save a lot of cash and report your earnings. It sucks, but you will lose your beautiful house if the IRS comes looking for you and you don't have the money you owe them.

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    Default Re: need info about getting a home loan

    I llive in LA and am familiar with this area.. You are going to have a very hard time getting any type of loan without tax returns. LA has a lot of agressive mortgage brokers who probably could get you a "stated income" 100% financing loan (with a higher interest rate though). However, without tax returns which prove that you do earn at the level of your stated income, you are unlikely to get a loan. The way to think about is the lender is taking a risk on you and needs to be assured he is going to get his money back. There are some very agressive "D" paper lenders but your interest rate would be so high, it would not be worth it.

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    Default Re: need info about getting a home loan

    You will absolutely NOT get a mortgage like this with no money down, and will have to come up with 15-20% and pay a rate of around 8%.
    Yup ... if you're lucky, considering that you have not filed tax returns thus no 'official' income.

    Also, be aware that the minute you register a property deed or motor vehicle registration with the state of California, wheels will start turning automatically behind the scenes which will report these major expenditures and owner's info to the IRS. When the IRS computers discover that they have no record of a person with your TIN# having previously reported any income to explain these major expenditures, you can probably expect some IRS attention. Given that you are not a US citizen, other law enforcement agencies may decide to tag along as well !

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    Default Re: need info about getting a home loan

    You cannot get a No Doc or Stated income loan. You do not have an SS#. period. There are lenders who will lend to resident aliens with the proper visa credentials, or do the TIN# thing, but as I said before, your choices of lenders are very small.

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    Default Re: need info about getting a home loan

    There is a type of loan that you can get where you don't have to show where your income comes from. I don't know the official name of it.

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    Default Re: need info about getting a home loan

    That is called a No Doc. You do not furnish any emplyment, income, or asset verification. You must have super credit to do this and you will pay a higher rate. A stated income loan you disclose your empoyer and your assets, but not your true income.

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    Default Re: need info about getting a home loan

    ^ And, as stated before, you MUST have a SS# to obtain any of these loans.

    I would suggest, Mila, that you save money...and work on getting a SS# before looking to do anything else. TINs are "illegal" for personal use...don't get caught with that as your Personal Id #!!

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    Default Re: need info about getting a home loan

    There are lenders who will lend to resident aliens with the proper visa credentials, or do the TIN# thing, but as I said before, your choices of lenders are very small
    I guess that the true meaning of your statement isn't coming across well. If you don't have a Social Security number plus citizenship or a "green card" or at least a specific "work visa", the Patriot Act makes it illegal for financial institutions to write loans in exactly the same way that the Patriot Act makes it illegal for an employer to hire. Granted that the TIN route provides some degree of 'camouflage', and granted that there will always be a few lenders willing to 'bend' the law in the same way as a few clubowners, but there is still a large degree of risk involved. Any potential lender under these circumstances is going to expect to be well compensated for taking that risk - i.e. charging high interest rates, collateral, big down payment etc.

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