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Member
Posts: 14
Registered: ‎08-11-2007
0

CAN ANYONE REFI ANYMORE!!!!!!!!!

HERE'S THE PROBLEM I'M SELF EMPLOYED WITH A PRETTY NICE FICO 680 I MAKE MORE THAN ENOUGH MONEY ALL MY BILLS PAID ON TIME NEVER ANY LATES .BUT MY TAX RETURN IS GETTING IN THE WAY BEFORE IT WAS THE FICO NOW IT'S YOUR TAX RETUNS.WHAT IS A PERSON TO DO THEY SAID THEY CAN'T DO STATED ANYMORE BUT WHY IT'S SO MESSED UP BECAUSE PEOPLE LIKE ME WHO HAD NOTHING WITH THIS HOUSING MESS GOT THE LOAN STATED WHICH THEY HAD NO PROBLEM APPROVING. 

Established Contributor
Posts: 602
Registered: ‎02-06-2009
0

Re: CAN ANYONE REFI ANYMORE!!!!!!!!!

Honestly i'm not really sure what you're asking, lack of punctuation and caps looks is hard on the eyes :smileywink:

 

But to answer your question from your title... yes, people are getting refinanced all the time. Don't buy into the media hype :smileyhappy: The requirements are a little tighter... a conventional loan usually requires a minimum score of 680. It couldn't hurt to look into it, call some lenders and see what they say. Good luck! :smileyhappy:

Member
Posts: 14
Registered: ‎08-11-2007
0

Re: CAN ANYONE REFI ANYMORE!!!!!!!!!

what it is that i'm trying to say is that I HAVE TRIED calling the lendors and as soon as they look at the debt ratio there's a problem look I have refi my home in 2005 with no problem I understand things have changed since then but my god give the self employed a break we are by law supose to write things off .I guess what I need to know is there anyone out there trying to refi as stated income or does that not exist anymore BECAUSE I HAVE BEEN EVERYWHERE!!!
Super Contributor
Posts: 6,581
Registered: ‎07-03-2007

Re: CAN ANYONE REFI ANYMORE!!!!!!!!!

Real simple:

You make enough money or you don't. And if you do... then it is on your tax return.

Take a bunch of deductions to reduce your tax bill, then you reduce your income too.

File amended tax returns for '07 when you file '08. Pay the penalty and enjoy your refi..... or don't.

 

You can't tell the irs that you make $10K and your loan officer $100K.

Not anymore.

 Think: "having your cake and eating it too". These loans have high default rates. They will be back someday.... but nor anytime soon.

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Member
Posts: 14
Registered: ‎08-11-2007
0

Re: CAN ANYONE REFI ANYMORE!!!!!!!!!

But thats the thing i don't want to amend my tax return and set myself up for a audit HELLO !!  I do want my cake and eat it too.
Established Contributor
Posts: 602
Registered: ‎02-06-2009

Re: CAN ANYONE REFI ANYMORE!!!!!!!!!

Don't well all, Deanna? lol

 

*shares cake with Deanna*

Member
Posts: 14
Registered: ‎08-11-2007
0

Re: CAN ANYONE REFI ANYMORE!!!!!!!!!

Be my guess Have some, LOL!!

Senior Contributor
Posts: 3,299
Registered: ‎04-22-2008

Re: CAN ANYONE REFI ANYMORE!!!!!!!!!

The bottom line is that your income as self employed is your cash flow into the business minus your expenses.  The more you claim expenses the less income you have.  In this market, with banks loosing billions and people being underwater, why should you expect a lender to not have adjusted lending standards.  Stated loans have been disapearing for a couple years now and have been pretyy much gone for over a year.  They were orignally meant to be only for people with stellar (say 740 +) credit and large down payments but less income.  They were never intended to be a mass produced loan for everyone who wanted to write off all their expenses.  I for one am glad they are gone.  If I have to use w-2 income to qualify, so should everybody else without extenuating circumstances (i.e 740 credit and 20-30% down)

 

No offense intended, but alot of people are having a serious wake up call who bought in 2002-2006/7.  Just because loans were given out then, doesn't mean they should have been...And the current market proves that out.

Senior Contributor
Posts: 3,240
Registered: ‎04-03-2008
0

Re: CAN ANYONE REFI ANYMORE!!!!!!!!!

There's a reason no-doc loans became known as "liar's loans."

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
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New Member
Posts: 2
Registered: ‎07-11-2008
0

Re: CAN ANYONE REFI ANYMORE!!!!!!!!!

Wow that is not really a fair characterization. Self-employed individuals do not receive W-2's, so they should not qualify for mortgages.

 

Depreciation on certain assets is a common deduction taken by the self-employed. It's a paper deduction in many cases that lowers "gross income" but is not a cash outflow. Take the use of a portion of the primary residence for example.

 

More egregious examples are health insurance and retirement contributions. A "W-2" employee pays the employee portion of their health insurance and their 401K contributions with pre-tax dollars. The "W-2" employee enjoys a tax benefit from doing so, but those monies are still inluded in gross income on the W-2.

 

A self-employed filer is able to deduct those contributions from their taxes as well, The difference is that as Schedule C income, the concept of gross income is blurred and when applying for a mortgage, it is as if those funds were never earned.

 

 

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