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