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Thread: Can they do that

  1. #1
    Member Alianne's Avatar
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    Can they do that

    My older sisters girlfriend is a dancer at a club in tampa
    now generally to my knowledge you make a decent amount there a week
    but jen went to 3 diffrent banks to get a lone to buy a house and a morgatge company and they all informed her that she didnt have a steady enough job to qualify for a lone
    can they actually turn people away for that?
    my husband and i qualifyed for a lone making a little over half of what she makes me i am a job jumper i usually dont work at the same place for more than 6 months but jen has worked there for 3 years
    can they legally do that or was it just discrimatery loan officers that she was unlucky enough to meet

    any feedback would be nice
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    God/dess Taylorlila's Avatar
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    Default Re: Can they do that

    Does she declare all the money she makes? Does she have some way to prove that shes been there for a while? Not having a steady enough job can be a reason you get turned down for a lone...so if she has no way to prove shes been there for a while and prove the money she makes. Alot of girls that dance don;t declare all the money they make so they don't have to pay as much in taxes...but then they get screwed over if they want a loan or something.


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    Veteran Member Robertjordan's Avatar
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    Default Re: Can they do that

    Yes, they can turn you down when they think you won't be able to pay back the loan. Why would they loan you money if they thought you couldn't pay back? 2-3 years ago it was much easier to get a loan, now it's much tougher.

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    Member Alianne's Avatar
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    Default Re: Can they do that

    i hadnt thought of that she doesnt declare all of it does anyone?
    but thanks
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    Default Re: Can they do that

    ^^^ Robert is right that, in the last couple of months, tighter creditworthiness standards have been enacted almost across the board by all financial institutions. This is partly driven by new bank regulations which require that ...

    - the would-be borrower's income is verifiable. This means pay stubs, bank statements and tax returns. If a dancer is earning say $1000 a week but is only declaring $300 a week as taxable income to the IRS, then for bank verification purposes her 'official' income is $300 a week and the other $700 doesn't exist !

    - the would be borrower has a decent credit rating. This means a history of regular payments of bills on time. This means a stable history of employment and residence at the same location. This means a history of credit cards where charges don't exceed 50% of the credit limit, and where payments are received on time.

    - the would be borrower can handle a 'worst case' scenario in terms of loan repayment under adverse circumstances. This means unemployment / comp / medical insurance coverage. This means having enough verifiable income to make payments on the applied for loan, on top of making payments on current loans, on top of covering basic costs of living. This means no criminal record, as a future bust and incarceration could bring earnings to an instant halt.

    Given that the girlfriend who applied for a new mortgage was A). a self-employed dancer with zero job security, B) working in a city where dancer busts are frequent and publicized, C.) unable to verify her income via tax returns, D.) not covered by unemployment / comp / medical insurance, E.) has no credit history etc. the fact that she was declined isn't the least bit surprising.


    PS as the financial problems stemming from subprime mortgage defaults spreads through the banking system, it is going to become increasingly difficult for people who don't have a platinum credit rating to get new loans at all, let alone get new loans at affordable interest rates.

  6. #6
    cameron_keys
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    Default Re: Can they do that

    1) dont go to a bank...get a mortgage loan officer to help her. Sh ecan try large companies like Countrywide, or smaller local mortgage companies
    2) she can get a stated or no-doc loan which basically means she wont have to prove her income. BUT
    3) she will have to have good credit..at LEAST a 640 or above median score and she WILL get a higher interest rate..thats the trade off.

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    Default Re: Can they do that

    it will be very hard to get a no doc loan now! 2 months ago no problem. Now, not so much.

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    Banned Katrine's Avatar
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    Default Re: Can they do that

    Its not too difficult to get it, but you will definately have to have the assets and credit score to back it up!

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    Default Re: Can they do that

    ^Exactly. AND, if she's got the assests to back it up, but cannot prove the income in which she got it, she's SOL.

    This is why people should declare their income. With the tighter and tighter regulations for people who don't have $250,000/year jobs and 800+ credit scores...you have to have steady 2 year employment and proof that you can make your mortgage payments.

    For the "average joe", the days of stated income, no doc loans are gone.

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