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12-15-2008, 06:01 PM
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Junior Member
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Join Date: Dec 2008
4 posts, read 3,113 times
Reputation: 12
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Stated Income Loans ???
As a casino employee in Las Vegas I make quite a bit more then my W2 shows, knowing that home loans are much harder to get now.. Do i have any options ???
My FICO score is over 750 and Ive not had any late payments on anything in my life..
My income on my W2 is about 20 k yearly but in reality its closer to 80k
Can anyone point me in the right direction if there is one
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12-15-2008, 06:14 PM
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Senior Member
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Join Date: Nov 2007
757 posts, read 457,529 times
Reputation: 634
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Well it would help out the rest of us if you would pay taxes on the full 80k.
And in turn we will tell the bank to give you a loan on it.
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12-15-2008, 07:12 PM
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Junior Member
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Join Date: Dec 2008
4 posts, read 3,113 times
Reputation: 12
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Well I pay taxes on what the goverment says i need to pay taxes on... Why would u even bother to type that ??? It would not bother me if you quit your job and got one here..
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12-15-2008, 07:15 PM
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Member
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Join Date: Aug 2008
31 posts, read 21,872 times
Reputation: 11
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I'm curious, the government has said you do not need to pay tax on the other 60k of your earnings? Isn't there a line for all tips and stuff on the 1040?
If this is special to Las Vegas maybe I should move there too!
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12-15-2008, 07:45 PM
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Do Not Steal, the socialists hate competition
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Join Date: Oct 2007
Location: Here today, gone tomorrow
5,530 posts, read 2,640,349 times
Reputation: 1271
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Quote:
Originally Posted by Billyback
As a casino employee in Las Vegas I make quite a bit more then my W2 shows, knowing that home loans are much harder to get now.. Do i have any options ???
My FICO score is over 750 and Ive not had any late payments on anything in my life..
My income on my W2 is about 20 k yearly but in reality its closer to 80k
Can anyone point me in the right direction if there is one
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Problem is the 20k is guaranteed future income, the extra 60k is not.. unless you can document that you will get 60k extra every year, I doubt they will consider it a viable income especially if you think its going to last 30 years... that 60k is not only not guaranteed, its also a liability, if the Fed Gov looked, you probably owe a lot of back taxes which means you won't be able to afford your mortgage... if I was a lender, I consider you a high risk, low reward type... |
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12-15-2008, 08:00 PM
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Senior Member
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Join Date: Feb 2008
Location: Las Vegas, Centennial Hills
1,762 posts, read 1,393,787 times
Reputation: 361
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Quote:
Originally Posted by Billyback
As a casino employee in Las Vegas I make quite a bit more then my W2 shows, knowing that home loans are much harder to get now.. Do i have any options ???
My FICO score is over 750 and Ive not had any late payments on anything in my life..
My income on my W2 is about 20 k yearly but in reality its closer to 80k
Can anyone point me in the right direction if there is one
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Are you on tip compliance (my wife works at the Rio and I work quite a bit with casino employees)? If so then the amount you are taxed on (which should be more than the $20K base wage) should show up on your W-2's and your tax returns. If not then you are SOL. Stated income in NV is dead. Perhaps you could go FHA with a non-occupant coborrower (cosigner)? |
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12-15-2008, 09:13 PM
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Junior Member
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Join Date: Dec 2008
4 posts, read 3,113 times
Reputation: 12
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Yes i am on tip compliance... The actual amount that does not show up on my W2 just that I pay additional taxes on another 12 per hour in tip money...
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12-15-2008, 09:19 PM
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Senior Member
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Join Date: Aug 2008
Location: Plano, Texas
665 posts, read 357,001 times
Reputation: 149
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It is going to be extremely tough for you to qualify. you could always get a hard money loan but rate would be very high, loan would be expensive and you would have to do a large downpayment. You best option is to do what Daddy M3 said, have a relative sign as a co signer for an fha loan.
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12-15-2008, 11:03 PM
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Senior Member
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Join Date: Feb 2008
Location: Las Vegas, Centennial Hills
1,762 posts, read 1,393,787 times
Reputation: 361
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Quote:
Originally Posted by Billyback
Yes i am on tip compliance... The actual amount that does not show up on my W2 just that I pay additional taxes on another 12 per hour in tip money...
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So is the $12 an hour plus your base not enough to qualify for a loan? Obviously you can't use the actual amount if you are not taxed on it, but I would imagine that your base wage plus tip compliance (that $12 an hour would definitely count as income) couldn't be less than $25 an hour or so (assuming you work at a union house). What is your position? Are you union? |
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12-19-2008, 12:21 AM
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Junior Member
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Join Date: Dec 2008
Reputation: 10
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Yes, self employed persons can still get loans. However, with most lenders, the maximum loan amount is 75% of the value of the home.If you can prove your income using tax returns (the average of the past two years adjusted federal gross will be used for qualification), then you can go full documentation and will get a better rate as well.
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