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laprade16
64 Posts |
 Posted - 05/16/2008 : 12:30:10 PM
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Ok I have a florida deal. Bwr has free and clear house wants loan 115000 that is 45LTV. Bwr 1 has a 688 mid and bwr 2 has 754 mid. Both are retired and receive SSI and pension. Bwr has a house he has in michigan and receives 2450/mo and I can show bankstatement for 10-12 months. Problem is he doesn't claim it on tax returns. Thus fannie is asking for tax returns. ratio's to high if i can't use 75% of rental which is a loss of $662/month which is fine. Ran LP to and still not approve. I tried to get fast and easy approval but no go.
Any ideas who couldu/w this using lease agreemnet and bank statemnets showing rent being deposited each month. 45LTV. HELP |
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EMScommercial
5141 Posts |
Posted - 05/16/2008 : 12:50:33 PM
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sounds like he screwed himself being slick with the irs.... bummer...
btw... just wondering.... what part of fl? |
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ehm3
979 Posts |
Posted - 05/16/2008 : 12:56:20 PM
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quote:
Originally posted by EMScommercial
sounds like he screwed himself being slick with the irs.... bummer...
btw... just wondering.... what part of fl?
may have double screwed himself and given the IRS too much if net rent was close to break even.
To the original poster: I would try it, if you have hard documentable proof of payment being made (banks statements, or even better, cancelled rent checks). Is it a family member? That may help as well.
They may tell you to eff off, but you may as well give it a shot. |
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Carpet Muncher
1385 Posts |
Posted - 05/16/2008 : 12:57:02 PM
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| $2450 per month that he doesn't claim? This cheater needs a visit from a man in a dark suit. |
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ehm3
979 Posts |
Posted - 05/16/2008 : 1:01:25 PM
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quote:
Originally posted by Carpet Muncher
$2450 per month that he doesn't claim? This cheater needs a visit from a man in a dark suit.
he said 75% = net rent of NEGATIVE $662 so there's a $2500 mortgage payment in there, he is -$50/mo cashflow. Nobody is cheating the IRS out of anything, in fact they are getting more since he could probably write off the depreciation as well as the $600/yr negative cash flow. |
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ladysammm
356 Posts |
Posted - 05/16/2008 : 6:27:56 PM
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| more likely it is because of SSI income. it has limits of other income you can receive before they lower SSI. thats why most seniors only work part time. |
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dromanski
58 Posts |
Posted - 05/16/2008 : 7:42:50 PM
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| Vertice offers a Stated product for fixed income borrowers from a 660 fico. Pricing is not too bad with lower LTV's but most of the time you can make little to no yeild spread |
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laprade16
64 Posts |
Posted - 05/17/2008 : 08:04:40 AM
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| Thanks I will try vertice. Well I got 12 cx checks for rent from him and it shows deposits almost same day every month. He will ratio using the 75% which is still -$612 a month. Just can't get -2450/mo. Well ltv is 42% so maybe vertice will do it. Rent isn't coming from family memeber. |
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