Posted by RR Smith on June 06, 2000 at 21:03:36:
In this case I would insist that the mortgage provider use the 3 year income average off the tax return figure…(which is what they usually do in this area).
W’2 rarely tell the full story once you are making a decent REI income. In the CSheets course they make a point (a good one I think) that you should SHOP for a mortgage. This involves going to 3 or 4 (more!?) mortgage comp. and getting quotes on points, lock time, type, etc. etc. (you shop for a car, or a house don’t you??).
difficult situation!!! - Posted by harris
Posted by harris on June 06, 2000 at 20:46:09:
Here is my situation: I closed on a single family home a couple of weeks ago. I used a hard money lender so the terms of the loan are as follows: 1yr loan @ 15% apr. with a balloon payment in 12 mos. of 57K…the house appraised @ 95K…my problem is this, I work for a company that somehow messes with our W-2’s so that the income we actually made isn’t stated: for example, I made about 28K last year and 26K the year before, however my W-2’s state that I made about 11K for 98’ and 12K for 99…how they do it I don’t know, anyways, I am trying to qualify for a second, or a no seasoning refi. NONE WILL work…Lenders basically go by W-2’s…I’ve tried 24mos bank statements, but lenders have strict guidelines…My question to anyone is how would I go about borowwing $$$$ on this property…??? Would someone know a private investor that would be able to help me out?
thanks
Re: difficult situation!!! - Posted by JohnBoy
Posted by JohnBoy on June 06, 2000 at 21:05:28:
Why not just go back to your employer and have them correct the W2’s? How did they report the rest of the income? What do your check stubs show? Have you checked into going with a stated income loan?