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Thread: Buying a house - no paycheck stubs

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    Senior Member HuxandKisses's Avatar
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    Default Buying a house - no paycheck stubs

    Hello-

    I dance 3x's a week and am a full time student.

    Sick of renting, I just want to buy a mobile home so my daughter and I can settle down. A nice park wants to interview the people moving in, but how do you get around telling someone you strip, and at the same time explain where $5K a month (thats at least what is reported) is coming from?

    Has anyone bought property that knows what to say to the loan agent or realtor?

    thanks for any advice- :-)

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    Featured Member MadisonM's Avatar
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    Default Re: Buying a house - no paycheck stubs

    I'm in the same situation, with wanting to buy a house within the next year because I hate the idea of throwing money away on rent, when I could put that money into a mortgage and have something to show for it in the end. You'll probably have to show proof with your taxes so you can show how much you are claiming. You will have to show some kind of documentation of how much you make.
    Take the road less traveled- just make sure you have a map.

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    Banned Melonie's Avatar
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    Default Re: Buying a house - no paycheck stubs

    ^^^ there is tons of discussion on this topic in the Dollar Den ... use the search function.

    Besides explaining the source of your purchase cash and ongoing earnings to a condo / park board, there is also the issue of explaining the source of your purchase cash and ongoing earnings to the IRS ! The minute that a mobile home or condo is purchased (or for that matter, when a car or anything worth more than $10,000 is purchased) and a title registered, the state title agency will immediately pass on to the IRS (and state income tax dep't if the state has one) the buyer's name, the purchase price, the financing institution etc. About one minute later the IRS computers will be checking past years tax returns in the same name for declared income which is in line with the purchase price + monthly payments + general cost of living in the buyer's zip code area.

    As far as obtaining financing, new regulatory guidelines issued towards the banking industry re 'subprime' borrower creditworthiness will now require that the would-be borrower provide at least 2 typically 3 years worth of authoritative financial records i.e. tax returns which must be used by the lending institution to verify the would-be buyer's income.

    PS where college students are concerned, the IRS now has automatic reporting arrangements set up with every college's bursar's office re amount of money spent on tuition payments ... as well as automatic reporting arrangements with federal student grant / loan agencies re amount of money approved for Pell grants, scholarships etc. Thus for college students, the IRS computers will also factor in the amount of money they spent for tuition as well as the amount of money they claimed that they earned when applying for student grant money when performing a computer check of past tax returns for 'plausibility' !!!

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    Senior Member HuxandKisses's Avatar
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    Default Re: Buying a house - no paycheck stubs

    I can show documentation with tax papers, thats easy, but what kind of white lies can you say to a park owner as to where the money is coming from? or when they say "what do you do?" then "oh you're a student, how will you be able to afford mortage?" I don't know how to tell them ... money ain't a thang. LOL you know?

    A single mother -full time student- with that much reported income is odd PLUS to tell them I'm a "stripper" is like a guaranteed boot from the park.

    I know it is none of there business where you get your money....I just don't know any white lies to tell.

    It's my parents $, I save a lot? ???????? maybe I can say I work in a very busy niteclub bartedning to rich people who tip ALOT

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    Senior Member HuxandKisses's Avatar
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    Default Re: Buying a house - no paycheck stubs

    tHanks Melony!

    I tried searching but I need to narrow my search words I guess.

    *off-to-dollar-den*

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    Featured Member MadisonM's Avatar
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    Default Re: Buying a house - no paycheck stubs

    It really is none of their business where the money comes from. Just say you're self-employed. It doesn't matter what you do in your self-employed business.
    Take the road less traveled- just make sure you have a map.

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    Default Re: Buying a house - no paycheck stubs

    ^^^ unfortunately, this isn't the case in the real world. Park owners, Condo boards, Homeowners associations etc. retain the right to reject would-be 'residents' whose personal traits are deemed to not be in the best interest of their 'community' ... basically a permutation of the ever-famous 'moral turpitude' clause in employment contracts. The authority for retaining this right stems from the fact that the 'resident' isn't an independent property owner i.e. they may own their mobile home or condo or gated community house but they don't own the property it's situated on.

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    Featured Member cameronfl's Avatar
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    Default Re: Buying a house - no paycheck stubs

    You can usually buy through an agent on a "no doc" or "limited doc" loan...your interest rate will be higher, but you will not have to show proof of income.
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    Default Re: Buying a house - no paycheck stubs

    ^^^that's what I did, but it should be noted that you need good credit and a nice down payment to do no doc.

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    Default Re: Buying a house - no paycheck stubs

    Hmmm.

    Well there are many programs for the no doc situation. I'll be closing on a 4 bedroom, 2 full bathroom home in a couple of weeks. My credit is decent so I got 100 percent financing which in 6 months I will refinance again. At first I was going to have to show stubs. I was going to print my own out but I also have a legit business on which I claim taxes for that I use. So when you do get your home, plan to pay your mortgage in 6 month increments. Mine will be 1k a month. In one month I can earn 5 to 6k and I plan to pay my mortgage early just in case. I only hate that those monies will be going toward the interest only and not the prinicipal. But during the other 5 months, I will apply money towards the principal only.
    So it can be done.

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    Banned Melonie's Avatar
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    Default Re: Buying a house - no paycheck stubs

    ^^^ not wanting to lead this thread astray, but be aware that the 100% interest only loan you plan on getting CANNOT be refinanced should the market price of the 4 bedroom house drop during the 6 months. In other words, if you purchase the house for say $250k, and during the 6 months the local real estate market causes the appraised value to fall to $240k, at the end of the 6 months you would need to come up with an additional $10k out of pocket in order to get clear of the interest only loan and refinance.

    The condition I just described is the so-called 'underwater' mortgage, where the principal amount still owed to the mortgage lender is greater than the current market value of the house on which the mortgage is written. This is the risk to lenders as well, which is why new regulatory guidelines will force lenders to strutinize the 'repayment capacity' of future borrowers with much more attention than has been paid in the past.

    It may also turn out that you'll be one of the last borrowers who is able to obtain a 100% financed interest only (option ARM) loan without full documentation. There is an increasingly long list of 'subprime' mortgage lenders who are being forced out of the business by the new Fannie Mae 'buyback' requirements re mortgages origated by these 'subprime' lenders which were sold to Fannie Mae and have now gone into default. Here's a news story about Ownit ---> --> however there are many other companies in the same boat.

    Additionally, Fannie Mae just released new requirements in regard to would-be interest only mortgage borrowers ...

    (snip)"Fannie Tightens IO Guidelines
    Fannie Mae announced it will treat "interest-only" as a feature rather than a product. Among the changes the secondary lender will be requiring is for IO borrowers to be qualified at a fully-indexed rate. In addition, Fannie said borrowers must also be qualified using a fully amortizing payment amount."(snip)

    In other words, once the new requirements take effect, in order to be approved for an interest only mortgage with a payment of say $1000 a month (thanks to a low 'introductory' interest rate), in order to qualify for that mortgage the buyer must now have sufficient documented income to not only afford a fully amortized monthly payment of $1500 under the 'introductory' interest rate (principal plus interest not just interest), but ALSO able to afford a $2200 fully amortized monthly payment under the fully indexed interest rate which will take effect once the 'introductory' rate expires ... not just the $1000 monthly interest only payment at the 'introductory' interest rate as has been the case in the past.

    While these new requirements may not affect loans already in process, they will definitely affect future loan and refi approvals. Thus with the new requirements coming onstream, any would-be buyer who is counting on the ability to refi in a matter of months or a couple of years once the 'introductory' interest rate and loan terms start to turn 'nasty' may be unpleasantly surprised that they can't qualify for a refi under more favorable terms.
    ~
    Last edited by Melonie; 01-02-2007 at 11:02 AM.

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    Default Re: Buying a house - no paycheck stubs

    I can't believe people are still selling those crappy loans


    About showing tax returns: Make sure they're the legit copies of real tax returns you filed / paid with the IRS. If you just fill in some bogus return forms that's not going to work - they can check the legitimacy of those. Just FYI.

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    Default Re: Buying a house - no paycheck stubs

    Geez Melonie...
    You now make me wish that I didn't sign the papers for the damn house now. That sucks that I can't refi in 6 months possibly. My goal is to put 30k toward the principal just this year alone. Once I pay the principal, its a wrap. I don't have a prepayment penalty either so I'm happy about that. Oh, I had to reread your post. I don't have the interest only loan, I have the 100 percent financing paying on the prinicipal and interest. Whew! I plan to aggressively pay down the principal.

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    Default Re: Buying a house - no paycheck stubs

    ^^^ then all you have to hope for in order to be able to re-fi in six months is that your loan principal drops faster than the market value of your house does !

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    Senior Member HuxandKisses's Avatar
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    Default Re: Buying a house - no paycheck stubs

    Wow, so basically, with good Tax docs to prove income, if I wanna get in with a good park I need to *white-lie* about what I do. And it looks like I better make a move fast because of these Fannie-mae rules changing?

    This is like reading a different language. I think I get the jist of it. I can tell the lender I am self employed, but I'll need to make up a fairy tale for the mobile home parks.....

    thanks all-

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    Default Re: Buying a house - no paycheck stubs

    You can get a mortgage that doesn't check your income but the interest rate might be higher.
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    Default Re: Buying a house - no paycheck stubs

    Quote Originally Posted by HuxandKisses View Post
    I can show documentation with tax papers, thats easy, but what kind of white lies can you say to a park owner as to where the money is coming from? or when they say "what do you do?" then "oh you're a student, how will you be able to afford mortage?" I don't know how to tell them ... money ain't a thang. LOL you know?

    A single mother -full time student- with that much reported income is odd PLUS to tell them I'm a "stripper" is like a guaranteed boot from the park.

    I know it is none of there business where you get your money....I just don't know any white lies to tell.

    It's my parents $, I save a lot? ???????? maybe I can say I work in a very busy niteclub bartedning to rich people who tip ALOT
    You can say you're an entertainer which you really are a show girl but entertainer also means, singing, acting, dancing, comedian and magician. You should never have to go into details about your job duties, it's none of their business.
    You are Brigitte Bardot

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    Default Re: Buying a house - no paycheck stubs

    And it looks like I better make a move fast because of these Fannie-mae rules changing?
    Well Fannie Mae doesn't control every mortgage loan. However, federal regulations do control every 'subprime' mortgage lender. Either way, if you have a documented income history via past year's tax returns, it will fulfill the new requirements that the would-be borrower's income be verified by the lender. Getting a mortgage approval then boils down to an equation which involves your future after-tax income level, the amount of money you plan to borrow to purchase the house / mobile home and the length of time you plan to borrow it for, the amount of money you can put down ( = the amount of real estate market decline that can occur before the lender's money is put at risk in a default situation), other financial 'commitments' for your after-tax income (i.e. park rent / insurance costs / costs of living / car payment etc.) and the interest rate that the lenders ask for / you are willing to pay.

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