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December 16, 2008
No income check mortgage
Anyone does no income verification mortgages?
joeny2mo@yahoo.com
Comments
I certainly hope not.
Posted by: johnife at December 16, 2008 9:04 AM
A mortgage broker at citibank told me that the practice will be stopped by the end of this year.
Posted by: Susan Elkins at December 16, 2008 10:29 AM
Try Wachovia. Arthur Andersen can be your accountant. Better yet, cash in some of your investments at Madoff Securities. My answers can be taken as seriously as your question. If you are not part of the solution, you are part of the problem. And, oh, excuse me for preaching, but I am beginning to tire from paying for all the sundry bailouts.
Posted by: sjtmd at December 16, 2008 10:34 AM
Not everyone who had to get a mortgage through "stated income" is unable to keep up with their payments. There are plenty of us with odd incomes who are doing just fine, so perhaps keep your ire for those folks who are unable to budget or live within their means. Or, you know, it could also be possible that some people hit hard times; job loss, health crisis, death. Maybe we ought to examine this country's pathetic health care system, lack of unionisation, rise in contract labor, etc., etc., before we get all upset at the people who have fallen victim to the system.
Posted by: mshook at December 16, 2008 11:20 AM
There is a difference between "no income verification" and verifying an unusual or inconsistent income. If you can't put together paperwork that basically lays out how you could have payed a mortgage last year and the year before and can reasonably pay a mortgage next year, I don't think anyone is going to be breaking down doors to lend you money today.
Go listen to The Giant Pool of Money if you don't want to read up on the mortgage industry:
http://www.thislife.org/radio_episode.aspx?episode=355
Posted by: amanda at December 16, 2008 11:55 AM
There are still places.
Posted by: Adam Dahill at December 16, 2008 1:54 PM
I have to agree with Ms Hook-I have a 30 yr fixed at a good rate and it was a no stated income. What some of the more reactionary posters probably don't realise is that there are many freelancers out there who make easily enough to make their payments but have sensibly reduced their taxable income so that tax returns give a false view of actual income. No-brainer. Saying that, it's going to be harder than it was. 3 years ago with good credit and a downpayment you didn't need much else. Try lee hamway at pan am mortgage in their midtown office.
People on Brownstoner are never the most creative in their thinking-its become a little conservative lately
Posted by: jib at December 16, 2008 2:02 PM
"reduced their taxable income so that tax returns give a false view of actual income"
"People on Brownstoner are never the most creative in their thinking"
Diddlin' the gummint and creative financing. Yeah! Keep American freedom alive! (irony intended).
Posted by: johnife at December 16, 2008 3:56 PM
In other words, jib, you're boasting about cheating on your income taxes on a public forum. Can I introduce you to a gentleman called Blagohjevich?
Posted by: cmu at December 16, 2008 5:31 PM
It isn't always a case of the employee being resistant to taxation; in my case, 2 employers are - making it very difficult for me to show a decent income. The third piece of the "stated income" puzzle is royalties, mostly being paid overseas. This city must be full of small businesses taking advantage of some tax loopholes. I manage a small business and almost no one is on the books (again, not my decision). And diddlin the present gummint is certainly nothing to be ashamed of, johnife!
Posted by: mshook at December 16, 2008 6:39 PM
Do mortgage companies and banks really want to lend to tax cheats? If you purposefully understate your income, you should accept the negative consequences along with the positive - you cant have it both ways.
Posted by: newsouthsloper at December 16, 2008 6:55 PM
jib started fair...I have been informed about the possibility of a mortgage like this recently as long as i have an accountant stating i have been freelancing for at least 2 years, with a higher rate and a down payment of 30%-40%
Jib shouldn't judge brownstone posters.
I think this website and contributions and forums have helped me a lot to get familiar with the difficulty of buying and owning in brooklyn.
I only wished BrSt would pay more attention to more moderate transactions in stead of the 2 million and up estates.
But many posters do work in the bizz, and sponsors maybe have their say and who knows maybe you all tune in on VH1's "Really Rich Real Estate"
Posted by: dutchman at December 16, 2008 8:52 PM
And yet Wall St continues to have it both ways. What tax rate do Goldman Sachs, UBS, et al, pay?
Posted by: mshook at December 17, 2008 6:50 AM
I was freelance for many years and had a home office that I could deduct (I did, I swear. And it was a freaking luxury.) That made a difference in my income. So did any books I bought, meals I could deduct, etc. These were legitimate deductions, and I wasn't cheating anyone, but I was actively minimizing my taxable income.
However, laying out the papers to show that I bring in $X and spend $Y of it on deductions and so I really ought to be judged on X and not my adjusted gross income: that is not a "no income verification mortgage."
Posted by: amanda at December 18, 2008 4:59 PM
Yes I do still have NIVA mortgage's available (NO INCOME VERIFIED ASSETS. I also have no doc loans available however I wouldn't suggest that unless you are in desperate need of a mortgage. You can email me @ lblusewicz@e-mailfr.com, or call me at 1-800-320-3765 ext 226.
Larry Blusewicz
Worldwide Financial Resources
Posted by: WFRLarry at December 30, 2008 1:16 PM
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