Proven Internet Money Makers

How can i get a home loan if i have the income but cannot prove it?

hi looking to purchase my first home, problem is that i can afford the payment, but i cant prove it, i usually make my money on internet sales and a part time job, me and my wife, she is a home maker, i just started part time @ fedex, but i make enough money on my online sales. were looking to purchase a home @ 175000 with 10 percent down. i cannot prove my income, is there a way to still get a loan me and my wife score is about 670-700 any pointers will be appreciated. p.s would also like to know the fees usually involved, my bargaining power is getting the seller to put 15k into closing costs for both sides, is that enough? and what about the loan, what kind of fees are there?

You can’t. There aren’t stated income loans anymore because they were abused in the past.

Why can’t you document your income? Too much of it in cash? You are supposed to report cash income to pay taxes on it. If you had done so, you could prove your income and you could buy a house.

Instead you thought you’d save a few bucks on taxes, not realizing that might cost you the opportunity to buy a house later on.

Is there a good reason that the rules shouldn’t apply to you, only to the rest of us?

normally I say ‘good luck!’ at the end of my answers, but don’t want to give you luck trying to break the rules.

The answer to the other part of your question is that closing costs are usually on the order of 3-5% of cost of the house. $15000 is crazy high for closing costs on this property – it will be more than enough. Actually, they were already going to pay the 6% realtor fee on their own and it sounds like you ‘negotiatied’ for this to be paid…

The main fee on a loan is the originiation fee. It’s how the broker gets paid and is usually 1%. There is an appraisal fee which can be about $500. Then there are fees for lawyers and credit reports. If you don’t like the sound of a fee, challenge it and question it. They like to pad their statements with fees and some of them are really negotiable.

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