Home Buying in Hollis Hills>Question Details

Alejo, Home Buyer in Hollis Hills, NY

I would like to apply for a mortgage of up to 300,000, I can do 30% down and my credit score is 720.

Asked by Alejo, Hollis Hills, NY Mon Jun 4, 2012

I dont have income proof because what I make is mostly cash. Is there a program for people like me?

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3
Anna M Brocco’s answer
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore for a personalized answer on qualification it's in your best interest to visit with any licensed loan officer. If you need recommendations feel free to contact me directly.
0 votes Thank Flag Link Tue Jun 5, 2012
Do you file taxes at all? I've helped people who get paid part cash and part on the books. In these situations their employers were willing to blend the cash income with the documented income. Sometimes, depending on each situation, this allows the lender to use your current documented income and qualify you based on that income. Banks usually look for some sort of indication that you've actually been earning the cash portion and it's not just something that's being done to manipulate the loan. The down payment is definitely a plus and so is the FICO score.

Also, there are stated income loan programs available for self-employed borrowers. This loan program is very unique in it's guidelines and lending parameters. But there must be a self-employed buyers in the loan and it'll require a 35% down payment. Rates are very low on this program.

Of you need someone to try to guide and help, I'm always available.

Javier Meneses
Senior Loan Officer
Sterling National Bank
516-606-9648
1 vote Thank Flag Link Mon Jun 4, 2012
Yes, it's call Tax Returns. If you have $90K cash for a down payment and a 720 credit score, you are in great shape to get a loan. The key is verifiable income. But if it's mainly cash, that's not an issue since I'm sure you're paying taxes on the money you make - so you would just need your tax returns and any other lender required documents to discuss further with a local lender.
0 votes Thank Flag Link Mon Jun 4, 2012
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