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I remember the days of stated income loans. They were wonderful. I understood numbers, never spent beyond my means, and did fine with them.
It's possible that my wife and I will want to buy a house at a time when we'll be in a situation where the documentation we have is not going to look good... though we will still be able to afford, easily, the type of house we'd buy.
We're going on tour as musicians next month, for an indeterminate amount of time. We're going to be relinquishing our currently rented house and living in our RV. There will be TONS of tax deductions. The way I see it, we'll be able to live reasonably comfortably while doing this, and pay next to nothing in taxes because of all the deductions we'll be able to take. Last time I tried getting a mortgage when I had lots of tax deductions, the lady told me I couldn't afford anything (despite how, I guess "miraculously", I was making $1,200/month rent payments on time every month and could prove that!). I'm looking to see if there are any options that we might do well to take, if/when we decide to go off the road and settle down. (If we do it prior to tax season in early 2014, our 2011 and 2012 tax returns will show that we're doing fine... unless they'd ding us for wanting to move to a totally different area. If we wait longer than that, we may be in trouble unless there are unconventional mortgages out there...)
Are there still any mortgage options that don't require you to show tax returns - or, at least, don't require a certain debt to income ratio based upon tax return income shown after deductions? Anyone who is in business knows that you can often deduct more than your actual dollar costs for certain things... and who wouldn't want to take advantage of every legal opportunity to prevent the government from legally robbing you of the fruits of your labor? My credit score is near 800, my wife's is over 700, we're open to large down payment options... hardly matters. We just don't want to rent, when it gets to the point that we decide to settle down. Basically, I want a low-amount mortgage where I tell them "look, our credit scores show that we pay debt really well, we have almost no debt right now, we have a provable source of income to pay the mortgage - just give us a mortgage and forget the tax returns" and they say "okay" (to put it very simply).
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