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Established Member
Posts: 61
Registered: ‎07-21-2012
0

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

 

 

Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

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..

Established Member
Posts: 61
Registered: ‎07-21-2012
0

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.

Community Leader
Super Contributor
Posts: 6,667
Registered: ‎03-06-2010
0

Re: Need help getting a mortgage loan?

[ Edited ]

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.

Established Member
Posts: 61
Registered: ‎07-21-2012
0

Re: Need help getting a mortgage loan?

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

 

 

Community Leader
Super Contributor
Posts: 6,667
Registered: ‎03-06-2010
0

Re: Need help getting a mortgage loan?

[ Edited ]

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.)

Regular Contributor
Posts: 188
Registered: ‎10-03-2011
0

Re: Need help getting a mortgage loan?

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

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Credit Scores: EQ 656 TU 669 EX 679 All Lender Pulls Oct 2011
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Regular Contributor
Posts: 135
Registered: ‎01-04-2012
0

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
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