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secretpink
4 Posts |
 Posted - 04/06/2008 : 3:03:43 PM
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Hi,
I am a real estate sales broker. My friend is looking for a mortgage on a house he has under agreement. He is having a problem finding the financing on it. I am trying to help him.
680 credit score
300k purchase price
self-employed
He can't go with a lender that will pull a 4506t. He hasn't filed his tax returns for a few years. His bank statements show about 200k in 2006 & about 250k in 2007.
Does anyone have any program that can get him approved with as little down as possible.
Thanks. |
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mwfan55
402 Posts |
Posted - 04/06/2008 : 3:32:05 PM
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| Sorry , no accessory to the crime available here. |
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secretpink
4 Posts |
Posted - 04/06/2008 : 3:45:28 PM
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What is wrong with that? Why would that be a crime?
I thought there were programs out there for people to show ponly bankstatements? No?
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CoolMtgGuy
4064 Posts |
Posted - 04/06/2008 : 4:37:10 PM
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quote:
Originally posted by secretpink
What is wrong with that? Why would that be a crime?
I thought there were programs out there for people to show ponly bankstatements? No?
That was a long long time ago, in a land far far away. Just refer your friend to a mortgage originator and let them do the best that they can. Sorry ... but real estate agents simply do not have the resources to stay abreast of current mortgage programs.
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mantixmortgage
2767 Posts |
Posted - 04/06/2008 : 4:40:05 PM
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| 90% max for stated, 85% in a declining area |
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terry_g
396 Posts |
Posted - 04/06/2008 : 7:11:42 PM
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Some people call my statements harsh, so feel free to jump in. I apologize in advance because you are a new poster on BO, but fraud has a low tolerance level on BO.
Secret Pink, what kind of b.s. are you trying to pull here? Are you trying to commit mortgage fraud, or can you just not see the forest for the trees? There is a clear reason he is "having trouble obtaining financing". Why did you have him sign a purchase contract without the benefit of a pre-qualification from a qualified mortgage person?
What makes you think he qualifies based on 200K going through his account? Does his business have expenses? If so, what are those expenses? If he knows the income and expenses, then he knows his net. Therefore, why is it not possible for him to simply prepare his 2 years of returns, take them to the local IRS office and have copies stamped as filed? Doing it right can be done in less time, with less energy than trying to mouse the deal around and defraud a lender.
quote:
Originally posted by secretpink
Hi,
I am a real estate sales broker. My friend is looking for a mortgage on a house he has under agreement. He is having a problem finding the financing on it. I am trying to help him.
680 credit score
300k purchase price
self-employed
He can't go with a lender that will pull a 4506t. He hasn't filed his tax returns for a few years. His bank statements show about 200k in 2006 & about 250k in 2007.
Does anyone have any program that can get him approved with as little down as possible.
Thanks.
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mwfan55
402 Posts |
Posted - 04/06/2008 : 8:30:43 PM
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quote:
Originally posted by secretpink
What is wrong with that? Why would that be a crime?
It's a crime because your post says you're looking for "Stated Income" and you have knowledge that your client has not filed in a few years. That's fraud and the reason mortgage brokers are the target of legislation , nightly news , etc. It's bad enough that you're willing to do it , but post something is even worse. |
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Scrooge McDuck
9716 Posts |
Posted - 04/06/2008 : 8:32:57 PM
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just last week this was a deal w equifirst to 95%. not today though.
tell the guy to file his taxes. done easy deal at that point. |
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sheriephillips
416 Posts |
Posted - 04/06/2008 : 8:43:10 PM
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quote:
Originally posted by Scrooge McDuck
just last week this was a deal w equifirst to 95%. not today though.
tell the guy to file his taxes. done easy deal at that point.
Chances are, once this guy files his taxes, he won't qualify full doc anyway. Just a hunch. |
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propertylender.c
1338 Posts |
Posted - 04/06/2008 : 9:06:15 PM
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quote:
Originally posted by secretpink
What is wrong with that? Why would that be a crime?
I thought there were programs out there for people to show ponly bankstatements? No?
Not filing a tax return (even if you are OWED money) is a felony the last time I checked. |
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secretpink
4 Posts |
Posted - 04/06/2008 : 9:13:28 PM
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Alright calm down terry_g no one is trying to pull anything here. The last thing I would do is commit fraud for God's sake. I'll watct the way I word things. He gave me a pre-approval letter - other wise I woudn't have dealt with it. And come to find out he told me that the mortgage broker gave him a blank Word document with his signature and told him to fill it in as needed - so let's talk about who's committing the fraud.....
Anyways, he doesn't want to prepare the taxes right now. It is not my business. Maybe he doesn't have the money to pay - I have no idea - 60-70 grand is a lot to come up with and pay all at once. I was simply asking about a loan product that I had heard about - stating your income and not having to verify it. If it's fraud - then just tell me - the drama is not needed.
What I don't understand is how is it fraud it banks offer these products for people who can't prove their income. From reading up now banks like US Bank & Wells do bank statement loans and they consider your income at 75% of what your deposits are.
Also, about 10 people have send me an email since my post telling me they can do it. I just don't get how it is fraud if the guy is only showing bank statments and is telling the truth about what he is making. I don't see where the lie is there. |
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secretpink
4 Posts |
Posted - 04/06/2008 : 9:21:10 PM
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quote:
Originally posted by propertylender.com
quote:
Originally posted by secretpink
What is wrong with that? Why would that be a crime?
I thought there were programs out there for people to show ponly bankstatements? No?
Not filing a tax return (even if you are OWED money) is a felony the last time I checked.
Of course it is not right to not file your tax returns. They have to prove your willfully did not file which is very hard to prove. I am a CPA and I have never seen any clients charged with any type of crime for failing to file or pay taxes. The Feds want their money and they will not get it with you inside of the slammer. I'm def not advocating doing that at all. But come on - this guy just hasn't filed yet. He's going to - he was just looking for the fastest route. He'll go with hard money and refi once his taxes are done - end of story. |
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