Mortgage tips for self-employed - GoFuckYourself.com

Evil E · 12-07-2007, 12:11 AM

Please post them if you have any interesting tips.

Deputy Chief Command · 12-07-2007, 12:14 AM

make sure you pay on time every month

Evil E · 12-07-2007, 12:26 AM

Should read "Getting a Mortgage approved" tips for self-employed.

A great credit score(paying bills/cc/loans on time) is one thing.

NinjaSteve · 12-07-2007, 02:19 AM

Don't get caught lying.

After Shock Media · 12-07-2007, 02:42 AM

If living in the US, really consider getting paid by check. Lots of check stubs can help show a steady weekly supply of income. Example being a merged CCbill account. Does not lead to nor mention porn. All monies lumped together and you get a check each and every week just like regular employed people.

Option 2 would be to incorporate and then put yourself on a payroll, withholding taxes and all the fun stuff. Then in essence your another working stiff.

V_RocKs · 12-07-2007, 02:55 AM

Or instead of checks.. Get paid via wires. So that you can show them your bank statements for several months and show them that YES my pay does fluctuate BUT I DO make $8K a month from RKNetMedia, $2K from First Management, etc... So while the pay might be:

$2,188
$1,945
$2,220

It is always averaged to a certain amount.

That helped me big time in proving my increasing income to get a car since my last years taxes don't look anything like the new years, which don't look anything like the next years because my income is always doubling or quadrupling year to year.

After Shock Media · 12-07-2007, 02:59 AM

Quote:

Originally Posted by V_RocKs

Or instead of checks.. Get paid via wires. So that you can show them your bank statements for several months and show them that YES my pay does fluctuate BUT I DO make $8K a month from RKNetMedia, $2K from First Management, etc... So while the pay might be:

$2,188
$1,945
$2,220

It is always averaged to a certain amount.

That helped me big time in proving my increasing income to get a car since my last years taxes don't look anything like the new years, which don't look anything like the next years because my income is always doubling or quadrupling year to year.

I could round robin a few accounts at seperate banks and make it look like my average incoming balance is in the xx,xxx figure each month though.

the Shemp · 12-07-2007, 03:00 AM

Quote:

Originally Posted by knew

Please post them if you have any interesting tips.

my tip is to never tell them you are self employed..
tell them you work for me...and for 500.00 i will verify it when they phone me..

robfantasy · 12-07-2007, 03:40 AM

Quote:

Originally Posted by the Shemp

my tip is to never tell them you are self employed..
tell them you work for me...and for 500.00 i will verify it when they phone me..

can u provide fake payroll stubs

qxm · 12-07-2007, 04:07 AM

interesting tax saving tips.............

qxm · 12-07-2007, 04:13 AM

whops double post........

EuroRev_Stacey · 12-07-2007, 04:53 AM

make sure you have enough funds before your due, else you'll end up with charges

SpeakEasy · 12-07-2007, 05:35 AM

ALL of you are wrong, the only thing they go by is your yearly FILED taxes and your credit score, nothing else matters as all that can be falsified, so it's all about your tax returns. Of course that is not including a very hi interrest NO Doc type of loan, but thats a different subject.

Evil E · 12-07-2007, 10:02 AM

Thanks for the info guys.

Called a mortgage co that does business with multiple banks to verify my options and they told me I would need 2 years of FILED taxes as self-employed. Also think you need to put 10% down rather than 5% when you have a regular job(I'm in Canada).

That being said, I think that being incorporated and pay rolling yourself is a pretty good idea, so you can say that you have a permanent, regular job giving you a fixed amount of money every month for example.

Ramster · 12-07-2007, 11:43 AM

I just bought a house in July.

Build your credit up with the usual loans and credit cards to show you have and can make consistent payments on time. Always make large payments on your CC if you can. Building your credit score is very important.

Yes you need to have your taxes filed each year and have them paid. They'll likely want a statement of account from Rev Canada.

Wires into your bank account is a good idea as it shows consistent income/payments. Any type of deposits are good as long as they are consistent and larger depending on how much you're looking to spend on a house.

Downpayment of course is big. I put 25% down so that makes a difference and it was my second house not my first.

G-Rotica · 12-07-2007, 11:54 AM

I just got a no doc loan at 5.5%. Credit score and tax returns was all they wanted. oh and 0 down. Even had the seller pay closing cost.

Snake Doctor · 12-07-2007, 12:01 PM

It's all about the tax returns for proving income. The rest is your credit score.

G-rotica, isn't a tax return a "document"?

G-Rotica · 12-07-2007, 12:04 PM

Quote:

Originally Posted by Snake Doctor

It's all about the tax returns for proving income. The rest is your credit score.

G-rotica, isn't a tax return a "document"?

Ok, you got me there.

I guess it's a low doc loan then.

Kard63 · 12-07-2007, 12:40 PM

I think if you are self employed and want to put less than 20% down they really throw the fucks to you.

Forest · 12-07-2007, 12:47 PM

i didnt show one tax return when i got my mortgage and ive been self employed for 9 years

I however did need to show them 2 years worth of bank statements with x amount of $$ avg deposits per month over those 2 years

plus they wanted to see my inc and dba papers.

Forest · 12-07-2007, 12:47 PM

Quote:

Originally Posted by Kard63

I think if you are self employed and want to put less than 20% down they really throw the fucks to you.

i dont know about canada but i did a 10% down here in fla

12-07-2007, 12:11 AM	#1
Evil E Confirmed User Join Date: Apr 2005 Location: Lazyness is a lifestyle Posts: 3,201	Mortgage tips for self-employed Please post them if you have any interesting tips.

12-07-2007, 12:14 AM	#2
Deputy Chief Command Deputy Chief Command Industry Role: Join Date: Nov 2005 Posts: 4,482	make sure you pay on time every month __________________

12-07-2007, 02:19 AM	#4
NinjaSteve Too lazy to set a custom title Industry Role: Join Date: Dec 2003 Posts: 11,089	Don't get caught lying. __________________ ...

12-07-2007, 02:42 AM	#5
After Shock Media It's coming look busy Join Date: Mar 2001 Location: "Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn". Posts: 35,299	If living in the US, really consider getting paid by check. Lots of check stubs can help show a steady weekly supply of income. Example being a merged CCbill account. Does not lead to nor mention porn. All monies lumped together and you get a check each and every week just like regular employed people. Option 2 would be to incorporate and then put yourself on a payroll, withholding taxes and all the fun stuff. Then in essence your another working stiff. __________________ [email protected] ICQ:135982156 AIM: Aftershockmed1a MSN: [email protected]

12-07-2007, 04:07 AM	#10
qxm Confirmed User Join Date: Jul 2006 Location: NoHo Posts: 5,970	interesting tax saving tips............. __________________ ICQ: 266990876

12-07-2007, 12:26 AM	#3
Evil E Confirmed User Join Date: Apr 2005 Location: Lazyness is a lifestyle Posts: 3,201	Should read "Getting a Mortgage approved" tips for self-employed. A great credit score(paying bills/cc/loans on time) is one thing.

12-07-2007, 02:55 AM	#6
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,392	Or instead of checks.. Get paid via wires. So that you can show them your bank statements for several months and show them that YES my pay does fluctuate BUT I DO make $8K a month from RKNetMedia, $2K from First Management, etc... So while the pay might be: $2,188 $1,945 $2,220 It is always averaged to a certain amount. That helped me big time in proving my increasing income to get a car since my last years taxes don't look anything like the new years, which don't look anything like the next years because my income is always doubling or quadrupling year to year.

12-07-2007, 04:13 AM	#11
qxm Confirmed User Join Date: Jul 2006 Location: NoHo Posts: 5,970	whops double post........ __________________ ICQ: 266990876

12-07-2007, 04:53 AM	#12
EuroRev_Stacey Confirmed User Join Date: Dec 2007 Posts: 811	make sure you have enough funds before your due, else you'll end up with charges __________________ EUROREVENUE.COM

12-07-2007, 05:35 AM	#13
SpeakEasy Confirmed User Join Date: Sep 2002 Location: The Internet Posts: 2,681	ALL of you are wrong, the only thing they go by is your yearly FILED taxes and your credit score, nothing else matters as all that can be falsified, so it's all about your tax returns. Of course that is not including a very hi interrest NO Doc type of loan, but thats a different subject.

12-07-2007, 10:02 AM	#14
Evil E Confirmed User Join Date: Apr 2005 Location: Lazyness is a lifestyle Posts: 3,201	Thanks for the info guys. Called a mortgage co that does business with multiple banks to verify my options and they told me I would need 2 years of FILED taxes as self-employed. Also think you need to put 10% down rather than 5% when you have a regular job(I'm in Canada). That being said, I think that being incorporated and pay rolling yourself is a pretty good idea, so you can say that you have a permanent, regular job giving you a fixed amount of money every month for example.

12-07-2007, 11:43 AM	#15
Ramster Confirmed User Industry Role: Join Date: Jul 2002 Location: Ottawa, Canada Posts: 1,447	I just bought a house in July. Build your credit up with the usual loans and credit cards to show you have and can make consistent payments on time. Always make large payments on your CC if you can. Building your credit score is very important. Yes you need to have your taxes filed each year and have them paid. They'll likely want a statement of account from Rev Canada. Wires into your bank account is a good idea as it shows consistent income/payments. Any type of deposits are good as long as they are consistent and larger depending on how much you're looking to spend on a house. Downpayment of course is big. I put 25% down so that makes a difference and it was my second house not my first. __________________ Fcuk Cash - Backroom Casting Couch, ExCoGi, BlackAmbush DarkReach Cash - Top Pornstars & Sites Skype: robmurray999 Email: rob-at-paysitemanagers.com

12-07-2007, 11:54 AM	#16
G-Rotica Confirmed User Industry Role: Join Date: Aug 2005 Location: Austin, TX Posts: 4,258	I just got a no doc loan at 5.5%. Credit score and tax returns was all they wanted. oh and 0 down. Even had the seller pay closing cost. __________________

12-07-2007, 12:01 PM	#17
Snake Doctor I'm Lenny2 Bitch Join Date: Mar 2001 Location: On top of my soapbox Posts: 13,449	It's all about the tax returns for proving income. The rest is your credit score. G-rotica, isn't a tax return a "document"?

12-07-2007, 12:40 PM	#19
Kard63 Confirmed User Join Date: Nov 2003 Location: 237 619 975 Posts: 8,944	I think if you are self employed and want to put less than 20% down they really throw the fucks to you. __________________

12-07-2007, 12:47 PM	#20
Forest Confirmed User Industry Role: Join Date: Aug 2001 Location: Hollywood Fl. Posts: 8,973	i didnt show one tax return when i got my mortgage and ive been self employed for 9 years I however did need to show them 2 years worth of bank statements with x amount of $$ avg deposits per month over those 2 years plus they wanted to see my inc and dba papers.