Did your broker fully review your tax returns to confirm your eligible income?
And where are you at with your 2012 tax preparation?
This is the time of year when loan officers can actually counsel their clients towards how much adjusted income to report so they have qualifying income for their home purchase...
As the responder from Amerisave mentioned, there are stated income loans out there, and they do have much higher fees/rates involved....so it really boils down to assessing how badly you want to buy a home, and what compromises you'll consider making!
Let me know if I can be of further assistance and good luck!
Best, Jeff Marr
Contrary to popular belief stated income loans still exist as well as stated income/stated assets. No doc, no ratio, No Income/No Assets (NINA), No Income/Verified Assets (NIVA) do not exist. If we did away with stated income documentation, every small business owner would be in jeopardy of not being able to purchase or refinance their house.
You going to take a BIG hit to the rate if you go stated. If at all possible try to go full doc. With your adjusted gross income make sure that you know what your DTI ratio is (income / liabilities).