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I know they were axed with the mortgage crisis, but there are rumors that they are still around if you have large downpayments, good credit, and verifiable assets. I'm self employed and have enough write offs to offset my income as to not pay federal income taxes.
FYI, your best bet would be to obtain an in house portfolio loan at your local bank where you do your personal and business banking. If it is one of the mega banks then it will not be an option and would be one of the many reasons you should be banking with a local community bank where they will be happy to serve your needs.
I provide dozens and dozens of jobs in Charlotte. I rehabilitate struggling neighborhoods by renovating the problem houses, which creates jobs for local contractors, materials suppliers, attorney's, title companies, real estate agents, city employees, insurance companies, and more. Property taxes are once again coming in on properties that were delinquent, and the tax values are increasing thereby increasing the county tax base. More affordable housing that is desperately in need is added to the community, and a home is provided for a citizen that purchases goods, pays taxes, and generates jobs through their actions as well.
I provide dozens and dozens of jobs in Charlotte. I rehabilitate struggling neighborhoods by renovating the problem houses, which creates jobs for local contractors, materials suppliers, attorney's, title companies, real estate agents, city employees, insurance companies, and more. Property taxes are once again coming in on properties that were delinquent, and the tax values are increasing thereby increasing the county tax base. More affordable housing that is desperately in need is added to the community, and a home is provided for a citizen that purchases goods, pays taxes, and generates jobs through their actions as well.
What do YOU do?
That's great, but why shouldn't you have to pay taxes like the next guy?? Are you doing all this on a volunteer basis or do you get paid??
There is a bank in NY that still offers stated loans. Not sure of details, but i would imagine at least 20% down if not more and you will have to show some assets. Hudson City Bancorp
That's great, but why shouldn't you have to pay taxes like the next guy?? Are you doing all this on a volunteer basis or do you get paid??
The amount I give (job creation, community revitalization and stabilization) is infinitely more than the amount I take (tax benefits from passive income and real estate depreciation). Whether or not it's volunteer or for profit is irrelevant. If taxes are increased on a business that creates jobs, that business has less capital to continue its growth. If you put the job creators out of business, or stifle them, what are we left with? Everyone is crying for jobs now, and who do you think provides those jobs? Is it you, Mr. W2 employee? Unlikely.
The amount I give (job creation, community revitalization and stabilization) is infinitely more than the amount I take (tax benefits from passive income and real estate depreciation). Whether or not it's volunteer or for profit is irrelevant. If taxes are increased on a business that creates jobs, that business has less capital to continue its growth. If you put the job creators out of business, or stifle them, what are we left with? Everyone is crying for jobs now, and who do you think provides those jobs? Is it you, Mr. W2 employee? Unlikely.
So if you were required to pay your fair share you would be out of business?
Why should you get a free ride on the personal side just because your business supposedly creates jobs?
So if you were required to pay your fair share you would be out of business?
Why should you get a free ride on the personal side just because your business supposedly creates jobs?
I wouldn't be out of business, but it would make a significant negative impact and hinder my growth and the number of projects I complete.
As far as your free ride comment, my business flows through to my personal return. So business income/loss is balanced against any personal income/loss.
I am an LLC that hires about 2 subcontractors and has various other business expenses...
If my tax return reflects "lower adjusted income" after business items/expenses I can write-off, how can I obtain a mortgage? In other words, I have plenty of "gross" or "pre-tax" earnings; however, would a bank hold this against me when applying for a USDA/FHA loan?
I am an LLC that hires about 2 subcontractors and has various other business expenses...
If my tax return reflects "lower adjusted income" after business items/expenses I can write-off, how can I obtain a mortgage? In other words, I have plenty of "gross" or "pre-tax" earnings; however, would a bank hold this against me when applying for a USDA/FHA loan?
Trademarked, do you have the answer?
Yes, a lender is only going to consider your bottom line. We do get to add back depreciation since those expenses do not impact your cash flow. It makes sense if you think about it. If you really have all these expenses that come off the gross how would those funds be available to make loan payments. Gross means nothing.
I ask due to being a "seasoned" previous homeowner that is currently renting (relocated to new state 2 years ago).
I recall the last two home purchases (as an employee of a company) using gross earnings...
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