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Old 09-20-2011, 12:02 PM
 
467 posts, read 1,401,412 times
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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.
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Old 09-20-2011, 12:26 PM
 
Location: South Charlotte
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Maybe a Hard Money lender with high interest rates if you can find one. Other than that those products have been obsolete for over 3 years now.
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Old 09-20-2011, 12:29 PM
 
467 posts, read 1,401,412 times
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I keep reading articles online that say that the programs still exist, but with very large downpayments and other strict criteria. Even if I have to put 50% down, 1/2 a loan is better than no loan. I believe all hard money lenders in Charlotte went out of business, and they would be probably be opposed to a primary residence as they would then need to follow the SAFE act and REG Z.
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Old 09-20-2011, 12:31 PM
 
Location: Mauldin
451 posts, read 894,874 times
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Yeah, that's pretty much the only option. No lender will touch that kind of loan anymore because no investor will buy it.
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Old 09-20-2011, 12:32 PM
 
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Yeah I figure it has to be a portfolio lender that doesnt sell theirs off.
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Old 09-20-2011, 01:14 PM
 
5,103 posts, read 13,038,507 times
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Quote:
Originally Posted by Trademarked View Post
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.
Exactly what is wrong with our tax system. Only half of us pay taxes. Nice system.
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Old 09-20-2011, 01:53 PM
 
Location: N. Raleigh
729 posts, read 1,474,096 times
Reputation: 1185
Quote:
Originally Posted by TimtheGuy View Post
Exactly what is wrong with our tax system. Only half of us pay taxes. Nice system.
Come on now! What is wrong with me taking out a mortgage just to pay $10,000 in annual interest just so I save $2800 on my taxes..!
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Old 09-20-2011, 02:32 PM
 
467 posts, read 1,401,412 times
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Quote:
Originally Posted by TimtheGuy View Post
Exactly what is wrong with our tax system. Only half of us pay taxes. Nice system.
I can assure you the financial benefit I provide for our community far exceeds any taxes that I'd have to pay if I was a W2 employee.
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Old 09-20-2011, 03:13 PM
 
5,103 posts, read 13,038,507 times
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Originally Posted by Trademarked View Post
I can assure you the financial benefit I provide for our community far exceeds any taxes that I'd have to pay if I was a W2 employee.
Now that is a stretch if I ever heard one.
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Old 09-20-2011, 03:15 PM
 
5,103 posts, read 13,038,507 times
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Originally Posted by warriorfan63 View Post
Come on now! What is wrong with me taking out a mortgage just to pay $10,000 in annual interest just so I save $2800 on my taxes..!
We are talking income taxes warrior. Not tax deductions. Do you realize that many self employed and many wealthy people pay no income taxes due to a plethora of deductions they are allowed to take to offset their income? You can't fault them as much of it is totally legal. The tax system sucks!
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