Applying for a mortgage as an adult webmaster

[cordoba]

I'm hoping to apply for a mortgage next year. Is there any extra difficulties as an adult webmaster? Never applied for one before. I assume as a self-employed worker that they want to take a close look at your 'income stream'. Will I have to convince the bank that the adult industry will still provide a steady income over the next 10 years despite the global war on porn and such like? Maybe explain that PornHub's problems may actually benefit me? Will I have to show them my SquirtingGrannies.com site and explain how the squirting grannies niche is increasing year by year, and show them my detailed plans for increasing my market share?

[k0nr4d]

I think it's best if you don't mention a damned word about the adult industry, because on top of not getting a mortgage they'll close your account XD

When I had a mortgage, I never had to show the bank anything besides financial documents/tax returns.

Also, absolutely terrible time to buy property or take out a mortgage. Wait a bit, the prices will drop because too many people don't qualify for mortgages at 7% interest. At best you'll be locked in at a super high rate for years.

[CurrentlySober]

Bring a couple of pornstars with you, to give the mortgage guy a good time and you'll be golden

[AmeliaG]

When they ask your profession, they are only looking for you to say self-employed. Your tax returns will need to show two consistent years in a row of the same job. If you are changing areas, you may need to explain your job's portability. What area are you looking to buy in?

[3xmedia]

well, people live in different countries and use different banks but I'd say you're overthinking it. you are a self-employed person like everyone else. Not sure why would you mention anything about adult biz, especially if you are just an affiliate. you are doing online marketing.

[TheLegacy]

I live in Canada - they want to see NOA's from your taxes - bank records - if you work on your own then a business licenses OR if you work for a company they want a physical address. If they want to clarify things then they may ask for references from clients but never admit you work in the adult industry. Banks don't want to be part of that even though they don't care. Finally credit score.

Now in Canada I was able to get a bank mortgage about 11 years ago and had to wiggle through those hoops. The real estate agent - you MUST be honest with so they can help you - and they will since they want the commission. So be honest with them - just not the bank. The agent may take you to a secondary lender that will have a higher interest rate but that's up to you. NOTE: if you create your own business license make sure it's generic.

Keep in mind I'm in Canada and with the million of real estate people out there - many may have various ways of getting the loan. Finally always be careful to have money either for down payment but also legal fee's - property assessment etc. that can add up.

[WiredGuy]

If you're incorporated, just tell them you're employed by your corporation as an employee and give a generic description (site owner, programmer, etc). Your personal tax returns will matter more than your title.
WG

[cordoba]

Originally Posted by k0nr4d

I think it's best if you don't mention a damned word about the adult industry, because on top of not getting a mortgage they'll close your account XD

When I had a mortgage, I never had to show the bank anything besides financial documents/tax returns.

Also, absolutely terrible time to buy property or take out a mortgage. Wait a bit, the prices will drop because too many people don't qualify for mortgages at 7% interest. At best you'll be locked in at a super high rate for years.

Yes, you're probably right there. I might have difficulties because they have a self-assessment system here where you can opt to be taxed under a standard flat rate for expenses, which I do as my expenses are below the standard rate. However, it means I've never bothered to record a proper profit and loss account

It's a bad time to buy a property, especially here in the Czech Republic as the prices are the most inflated in Europe. But at the same time the laws here are very weak for tennants, with the landlord being able to kick you at short notice if they wish to sell the property, use it for themselves, or even to take in Ukrainian refugees. I really would like some security.

[NALEM]

In the US, when self employed, mortgage lenders require two years of tax returns.

Your combined DTI ratio should not exceed 45 %, but if you have some extra strengths on your submitted loan package (higher FICO score, above minimum down payment, longer history of employment - all which show stability), you can request an exception, which can go as high as 53 %).

Make certain that your business (marketing, affiliate sales) appears mainstream/vanilla.

Pay down open lines of credit which are appearing on your credit reports, to be under 35 percent of the credit limit. Ideally you keep it under 27 percent. Any negative items need to be scrubbed off the report. File the necessary disputes by post, not online.

If you need a bump in your FICO, find someone that has 740+ and ask them to add you as an authorized user on their credit lines. Their FICO will pull you up.

Negotiate with your loan broker and buyers real estate agent to get .750 and 1.50% rebate back in escrow. Lenders will allow you to use this money to pay down closing costs, prepay property taxes, HOA dues, and even monthly mortgage payments.

Good luck!

[BCF_Brian]

As others have mentioned, a big kicker will be your self-employed status. Lenders most definitely prefer W-2 borrowers, so they're going to want to go through your financial info with a fine-tooth comb when considering a loan. I'd start preparing your bank statements accordingly, as those will likely be what you'll need to get a loan approved.

[baddog]

The last time I bought a house, maybe 10 years ago, I just gave a big down payment (20%) and they amazingly didn't care what I did.

[Crak_Eric]

Originally Posted by cordoba

Will I have to show them my SquirtingGrannies.com site and explain how the squirting grannies niche is increasing year by year, and show them my detailed plans for increasing my market share?

Thanks for the laugh.

Best of luck with the approval process!

[cordoba]

Originally Posted by CurrentlySober

Bring a couple of pornstars with you, to give the mortgage guy a good time and you'll be golden

Haha, that sounds like the best idea, but I'm only a lowly affiliate so might be hard to do. Maybe one of my top sponsors will be open to it in lieu of their usual sales bonus incentive?

Thanks for all the excellent advice in this thread, I will consider it all carefully.

[the Shemp]

do a search on google for your name, email, phone numbers etc and see what comes up. if anything references back to porn sites or domains, try to get it scrubbed out...

[mariahxxx]

I have bought several and as long as you avoid chase or wells fargo youll be ok with bank records and tax returns. BofA sucks mostly but they don't give a fuck how you make your money. Funny enough when I bought my investment properties in France they were way more difficult than the US about it. I was turned away by 3 banks before I got one to work with me and I haven't shot a scene since December 2011.

[plsureking]

Originally Posted by k0nr4d

I think it's best if you don't mention a damned word about the adult industry, because on top of not getting a mortgage they'll close your account

this

if you are "just" an affiliate, you aren't in the "porn" business. you are in the traffic business. you are a b2b service provider.

i had an argument about this with one of my old billers like 10 years ago. they closed my account because i was in the adult business. i sell software. i'd sell it to your grandma to host family videos if she wanted it. yes it was 2checkout. fuck them lol

#

[CurrentlySober]

Originally Posted by plsureking

this

if you are "just" an affiliate, you aren't in the "porn" business. you are in the traffic business. you are a b2b service provider.

i had an argument about this with one of my old billers like 10 years ago. they closed my account because i was in the adult business. i sell software. i'd sell it to your grandma to host family videos if she wanted it. yes it was 2checkout. fuck them lol

#

Exactly.

Think of it like this (using an example that came to me on a similar post earlier)

I come to you, and tell you that I was just in a movie with Tom Cruise! You dont want to call me a liar, but I certainly dont look like Id be cast alongside Tom Cruise, or any other movie star for that matter. So you politely ask me to prove it.

I pull out a ticket stub from my local cinema, with todays date on it, for a 2.30 matinee showing of 'Top Gun' - Did I lie?

I was just in a movie, and Tom Cruise was in that movie... But its not really the same is it?

So, as such, if you are an affiliate then you are no more 'In Porn' than I was in a movie with Tom Cruise. Yes, both things are indeed 'Related...' But very much different things...

So just go ahead and dont mention porn - Just prove a record of income for affiliate related activity's, where you promote other peoples products on the internet... What products ? Changes all the time - Depends on what is selling at the time...

.

[Wizzo]

Originally Posted by WiredGuy

If you're incorporated, just tell them you're employed by your corporation as an employee and give a generic description (site owner, programmer, etc). Your personal tax returns will matter more than your title.
WG

This, if your flaunting that your an "Adult" webmaster don't expect any financial institution to take your serious.

[jimstones22]

This is a very interesting thread. I get it that one would tweak their job title appropriately. But what if bank statements are revealing company names.

Companies that can be linked to the adult industry with a simple Google search. How would one get around that?

I highly doubt that banking institutions will not do their due diligence when it comes to the source of income.

So one would need to diversify their income with mainstream sources i would assume to increase application success.

[SpeedoDave]

G'day,

I got a US mortgage way back (before the '08) crash. Real estate agent was awesome and arranged private finance which I used for 12 months, and after that 12 months of proving bills etc. bank loaned me the money at normal interest rates.

Listed job as self employed IT consultant.

I sold that property a few years ago and loosing that mortgage was a downside because I'm not sure I could get one these days.

Dave

[plsureking]

Originally Posted by jimstones22

This is a very interesting thread. I get it that one would tweak their job title appropriately. But what if bank statements are revealing company names.

Companies that can be linked to the adult industry with a simple Google search. How would one get around that?

I highly doubt that banking institutions will not do their due diligence when it comes to the source of income.

So one would need to diversify their income with mainstream sources i would assume to increase application success.

your deposits should be going into an LLC/corporate bank account and then pay yourself out from that company. even the $10k a year affiliates should be doing this, especially in the US.

if your corp bank account gets shut down, its easy to move your business banking elsewhere. its a lot harder to move all your personal accounts around.

regarding the mortgage, you are getting an actual paycheck from a "clean" registered business. now you can get health insurance too!

subscribe now for more legal money laundering tips!

(joking, big brother, calm down)

#

[money biz]

Originally Posted by WiredGuy

If you're incorporated, just tell them you're employed by your corporation as an employee and give a generic description (site owner, programmer, etc). Your personal tax returns will matter more than your title.
WG

That's the method how people in jail got ppp loans.

[MakeMeGrrrrowl]

I have never lied.

Sometimes they will make you give two years of financials.

I am an employee of my company so I get a 1040 and an actual paycheck - that makes it a lot easier.

[fuzebox]

Originally Posted by money biz

That's the method how people in jail got ppp loans.

This is also the method how legit people not in jail got ppp loans to be fair.

[emmasexytime]

if you are in porn and need a house loan then you are doing it wrong

[shimmy2]

I've bought 3 houses, 1 condo, and 26 acres land over the years just by putting 20-30% down and working with private lenders. They charge stupid high interest 10-16% but thats the only way youre going to do a no-doc loan. Matter of fact I've got a guy who will finance you any property with 30% down. But usually 20% down is the minimum

Forget about that 5% down freddie mac fannie mae 100 pages of bank statements just so they can say no to you. Your fico 700+ don't matter either if you dont have a "real" employer and do that 1040ez bullshite. Good luck man, just save your money start small and forget about traditional financing. In the 90s I made the mistake of printing all my iBill statements and treating my work like any other type of work. Dont think the underwriter is not going to look up who is wiring you money every week or two. "Hmmm what is ____ and why are they in czech, amsterdam, or wherever?" Why so many intl wire xfers lol. Do you really want to play these games with people whose job is to vet peoples source of income. Just save your money buy a cheap crib, rent it out, and upgrade when you can

[w4mmaps]

Some good advice in this thread. I'm also in Canada and they just wanted to see 2 years of tax records to see income.... they had zero questions about what the business was, or where it might be going... they weren't so detailed as to get into that.

The reality is if you don't meet your obligations they will just take the house back... so it's not *tremendously* risky for them and they don't really need to go into extreme depths to make sure you are gonna be able to pay your mortgage.