Mortgage Loans

[uroosa1]

So im trying to buy my first home but i dont think its possible.

This is what the lender wll see :

WF visa -     1yr6mo - 1000cl

Chase visa-        7mo 3000cl

Discover -     7mo-4500cl

Barclays        7mo- 750cl

Studet Loan-  2yr   3600bal. deffered

Student Loan- 1yr  1200bal  deffered

utilizaition is 9% score 738 no baddies

Income: 2200 mo.with paystubs.

 Can't provide tax returns.

Loan is for 3bd/2ba $120,000 with 20k down.(maybe a few k more)

So can i get a loan with a prime lender. Also what APR am i looking at for 30yr loan with my 730 score?

is NO tax return a big problem?

                      Thanks alot

[tooleman694]

If you can't provide tax returns, then I dont know how you can do it..

Unless you try for some sort of portfolio loan at a small bank..

[uroosa1]

Well even if you just got a good job last 11 months.

I alwasys thought if you put 20% down its alot easier to get the loan.

[StartingOver10]

Nope, you have to supply tax returns for a government or conventional loan.

If you get a private loan from an individual they may not require the return but they will require a substantial down payment, usually 35% or more of purchase price. And then they will charge you a much higher rate above market for the privilege of not providing your tax returns.

BTW, it is easier to get a loan by putting down more money, but the tax returns are required if you are going through regular financing with a bank, CU or other funding lender.  Just go file your returns - problem solved.

[uroosa1]

I do have tax returns but they dont represent my recent income change.

[StartingOver10]

---

uroosa1 wrote:

I do have tax returns but they don't represent my recent income change.

---

That's not a problem. You supply your tax returns for the past two years plus current paystubs so the lender can see your current income.

I am assuming you have a salary or work hourly - right? (If you are self employed then its a little different.)

[YHWHUDAH]

You would need at least two years unless you are a recent college graduate.

[jnkp2001]

They want your tax returns because they don't want you to have a big tax bill they don't know about.  Plus they wanna make sure you are paying your taxes...lol