cancel
Showing results for 
Search instead for 
Did you mean: 

Need help getting a mortgage loan?

Established Member

Need help getting a mortgage loan?

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

 

 

Message 1 of 8
7 REPLIES
Valued Contributor

Re: Need help getting a mortgage loan?

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..

Message 2 of 8
Established Member

Re: Need help getting a mortgage loan?

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.

Message 3 of 8
Moderator

Re: Need help getting a mortgage 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.

Message 4 of 8
Established Member

Re: Need help getting a mortgage loan?

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

 

 

Message 5 of 8
Moderator

Re: Need help getting a mortgage loan?


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.)

Message 6 of 8
Regular Contributor

Re: Need help getting a mortgage loan?

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

Capital One Cash World MasterCard 7500, PenFed World Visa 6500, USAA Military Affiliate Visa 2000, Capital One Platinum 2500, Affas Military Star Card 8700, Affas Take It Home Today 4900, Orchard Bank Platinum 1500, Orchard Bank Silver 1300, Lowes 5000 and Chase 500.

Closed on USAA Mortgage Dec 23, USAA Auto Loan 42000 Mercedes Dec 30

Credit Scores: EQ 656 TU 669 EX 679 All Lender Pulls Oct 2011
Message 7 of 8
Highlighted
Regular Contributor

Re: Need help getting a mortgage loan?

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

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

Message 8 of 8