Answers
I've been paying my mortgages on auto draft every month, had one that was in default but rcvd. a loan modification for that and have been paying for the past 6 mos. I tried for a line of credit on the home w/ the most equity I have in ca, but was denied b.c. the stated income guidelines are stricter these days (understandable so)...i'm just wondering if stated income is just non existant w/ the current market?????
I would think that in this market, they will want to see at least 2 years of solid ontime payment history before they will give you a Home Equity Line Of Credit (HELOC)
$200000 to $300000 in cash and UNSECURED new business lines of credit by following a 4-step system. An unsecured business line of credit is the ...
My credit score has dropped because of credit card bills and I want to get a home equity line to consolidate my bills. I need to go SISA because I have a commission based job and I havent made enough much the past two years to qualify me, I also have very few assets right now. My home has about 200k in equity but I'm having the hardest time getting approved. If anyone has a lender who has approved them with my situation please let me know. Thanks
I live in California USA.
Lenders are increasingly concerned with the level of fraud inherent in stated income mortages. When it is a HELOC it is even tougher because the lender is in second position and there is substantial risk if the borrower defaults.
Couple that with a low credit score and you have a real problem. You need to go talk to a lender that specializes in subprime home loans. Try Novastar.
Does anyone know exactly how to get this right? I work in NY and live in NJ. I only pay tax in NY. I have always used taxcut to claim tax paid in NY in the NJ tax. But this year things are looking suspcious...
1- what is the income I should use? Is it my state AGI or my state taxable income? More precisely, in my IT-2003 from NY, which field to use for that?
2-For the tax paid to the other state, I believe I simply use the box 17 on my W2 for NY.
3- Also, never before I had my W2 reporting NY and NJ with 2 diff values on box 16, state wages. This year I have such scenario, and was told it is because of my 401k. Well, same company, and always contributed to 401K before, so afraid last few years will have to be amended.
4- When entering my taxes on the W2 session of the software, I assume now I have to enter one line for each state, right?
Thanks.
You file a "resident" state income tax in New Jersey, and a "non-resident" state income tax in New York. This is the way you should have been filing all along.
I don't know what tax software you use, but in Turbo Tax, the interview asks "did you earn money in any other state" and then it will guide you through the different state income tax forms (for a fee of course).
Anyone know of banks doing stated income construction loans/lines in Texas. Looking to build my new house in a development and need funding. Started a new company and cant rely on old tax returns with the new loan crunch. My credit is about 680. Im basically looking for a loan that I could receive after I show that not only can I put money down that i would have the ability to show 100-150k easily set away for the project with 10% down. I need funding for about 300k. I have tried to contact a few banks but none of them do stated income anymore. Please advise if you know of anyone still doing that type of loan.
The only people that do stated income loans anymore is the Mafia. They'll need about 25% per month rate and a piece of your business. Do you want a phone number?
We have all heard the stories of those getting home loans were the payment was as much or more than their monthly take home pay. Many place this blame on the Credit Reinvestment Act. Their claim is the government forced them to make these loans.
On many of these loans the borrower was able to state their income, without showing actual proof. What they fail to tell is this type of loan was generally used for self employed individuals, who have the required income and credit but didn't meet traditional underwriting requirements. Many of these mortgage companies could have required the borrow to file IRS form 4506, which gave the lender permision to request verification of the bottom line of the borrowers previous two years tax returns. If the borrower defaulted quickly the lender could then check the tax returns for cases of fraud. The probem was many Mortgage brokers steered customers away from lenders who ask for for 4056.
The banks really didn't care since home prices kept raising they expected a large number of forclosures. They would then take the home they had $100,000 invested in minus the payments already made. Put the home back on the market at an even higher price and increase their profit again. They failed to factor in what would happen if home prices dropped since they hadn't seen it in their lifetime.
Agree or disagree, and why, or why not?
You are correct. The government/CRA also threatened the banks if they didn't make these risky loans. The CRA deal was an act of stupidity and one big reason why the government should stay out of business transactions. They screw things up... they might mean well, but they still screw things up on a consistent basis.
No doc, business lines of credit, Finance Info and money
Many business owners are overwhelmed by the amount of financial terms that are constantly being thrown at them in the world of business finance. One of these terms is no doc business line of credit. No doc generally means a stated income or no documentation needed when applying for a business line of credit. In other words no income or asset documentation is required to establish the business line of credit. Income and assets are only stated. Business owners should keep in mind however that other incidental documentation may be required, like a Certificate of Good Standing or your last 2-years 1040's with income that has been "blacked out". This documentation is generally required by the lender to simply substantiate the fact that you have legitimate business that is in good standing.
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