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Old 06-19-2011, 05:33 PM
 
Location: NY
47 posts, read 139,552 times
Reputation: 54

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Me and my gf are both 21yrs old and we want to move to Austin or in that area. I have good credit she has none. The problem is I worked off the books for the last 5yrs so I don't have any verifiable work history. If we put down 15-20% on a 60k house what are the chances of getting a mortgage? We wont have any jobs lined up, we can pay the loan we just cant prove it. If there's no chance well get it how about if we have someone older with excellent credit co sign?
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Old 06-19-2011, 06:02 PM
 
28,460 posts, read 80,795,325 times
Reputation: 18656
No lender is giving ANYBODY a loan without a job these days. You are going to need to be able to show that you have some legitimate source of income. Whether that means working a regular job where they give you a pay check every week or so OR saying that you are "self employed" doing whatever is that you have over the past five years you need to be able document a HISTORY of income.

These days the lenders are quite tough on folks that cannot supply either a nice standard history of emploment OR several years of tax returns.

A lot depends on what it is that you mean by working "off the books". If you have not reported ANY of your income, like not filing tax returns at all you are going to have a hard time.

If you currently have an "on the books job" that is only for minimum wage but you earn far more than that from "side work" you are in a little bit position.

If you actually can afford to do the legal (and sane...) thing and go back and pay your taxes you are probably fine.

I gotta tell you too, if you have $10,000 or more saved up to buy a house you are not gonna find a whole of lenders that are excited to lend just $50K -- they just won't make money at all on that small of a loan.
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Old 06-20-2011, 10:13 AM
 
45 posts, read 426,189 times
Reputation: 42
Quote:
Originally Posted by whuh View Post
Me and my gf are both 21yrs old and we want to move to Austin or in that area. I have good credit she has none. The problem is I worked off the books for the last 5yrs...
do you mean bookies ? gambling ?
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Old 06-20-2011, 10:38 AM
 
28,460 posts, read 80,795,325 times
Reputation: 18656
I suspect it was something less obviously criminal -- many folks with skills in construction, high tech or even just music and the arts do "side gigs" and do not get a paper trail for that work. Technically this is "self employed income" and subject o taxes. If the OP can afford to get alll the back taxes straightened out (they will probably be fines, but if they get the right kind of people to help they can be minimal...) and the criminal aspect is less to worry about then just having q "black hole" as far as earning history for lenders to scrutinize their credit worthiness....
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Old 06-20-2011, 06:49 PM
 
Location: NY
47 posts, read 139,552 times
Reputation: 54
Yeah by off the books I mean like payed cash without taxes taken out instead of a paycheck. I do construction.
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Old 06-20-2011, 10:28 PM
 
Location: Austin, TX
399 posts, read 1,746,127 times
Reputation: 422
It's not going to be easy. Having just been through the process myself I can say it'll be damn near impossible. But it doesn't hurt to try. I can suggest a great mortgage broker who could tell you your chances; PM me if you want the info.
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Old 06-22-2011, 09:43 AM
 
4,246 posts, read 11,515,652 times
Reputation: 3149
How can you put 15% down with no job?

Just rent until you get everything straightened out.
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