Stated Income Mortgage?

[nairobi1968]

Hi all!

Just a quick question regarding the possibility of filing taxes with no deductions in order to qualify for a fully documented loan.

Scenario:

I am a 1099 employee with no withholdings. Make about $101,000 a year. But after deductions, I don't show half that much. FICO TU 677 EX 668 EQ 646. My scores and dti are fine to get a full doc loan. The problem is that one needs a 720 to go stated, if at all. I live in a studio apartment and am expecting my family to double in size in the fall. I need a home!

Any ideas?

[Anonymous]

We were in the same situation as you with filing taxes(1099 etc..). My husband makes over 50k but after deductions he only shows 30k. Because of taking so many deductions he only qualified for 150k due to that we had to get my mother as an non occupying coborrower to get a larger loan amount. We went with an fha loan with is based on dti instead of creadit score.

[ShanetheMortgageMan]

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nairobi1968 wrote:

Hi all!

Just a quick question regarding the possibility of filing taxes with no deductions in order to qualify for a fully documented loan.

Scenario:

I am a 1099 employee with no withholdings. Make about $101,000 a year. But after deductions, I don't show half that much. FICO TU 677 EX 668 EQ 646. My scores and dti are fine to get a full doc loan. The problem is that one needs a 720 to go stated, if at all. I live in a studio apartment and am expecting my family to double in size in the fall. I need a home!

Any ideas?

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Co-sign on FHA like KV-Boo mentioned, but if that's not a possibility you'll have to file and take less deductions... you only need to do that in order to qualify for a mortgage, then in the years afterwards you can claim as many expenses/deductions as you want.