Hi, I am first time home buyer in Marin California and am trying to determine the best financing options for

Asked by Adzling, 94901 Sun Jul 19, 2009

my spouse and I.
I am self-employed, make anywhere from $40,000 to $80,000 in a year and am not able to document my income.
My spouse has been employed at the same job for over 5 years, makes @$70,000 and can document her income.
We both have excellent credit (im about 780 and she is above 800).
Our combined debt is very low (one monthly car payment of $280 and one student loan monthly payment of $100).
We are looking at buying a home in the $550,000-$580,000 range and are able to put a down payment of about $120,000.

Considering my inability to document my income what do you suggest?

Are there first time home buyer programs we can take advantage of?

Will our loan rate be completely shot by inability to document?

Will lenders even consider us in this market?

Any advice is gratefully received.


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Sylvia Barry,…, Agent, Marin, CA
Sun Jul 19, 2009
Dear Adzling:

Yes, from what I understand, being able to document the income is critical in this market. Lenders are weary of undocumented incomes, which unfortunately, affects people with excellent credits such as yourself.

I don't know if there are many Marin mortgage brokers on Trulia and mortgage brokers are the ones you should talk to for the specifics. A Realtor who is not a mortgage broker might be able to you give you some hearsays, but we will be overstepping our boundary trying to give you concrete mortgage advise.

I know a few excellent mortgage brokers, all direct lenders whom you can talk to to determine the best loan you can get for your specific situation. You definitely want to contact reputable mortgage brokers who are local to help you!

They will also be able to provide you with first time homebuyer programs that you can take advantage of.

Please check out my profile and email me at Sylvia@SylviSellsMarin.com I shall give you their contact info.

Sylvia Barry, Marin Realtor
Frank Howard Allen Realtors
1 vote
Patricia R, , Santa Rosa, CA
Mon Aug 17, 2009
Hello Adzling,
I am a mortgage loan officer for Bank of America in San Rafael, CA. How did you decide on your price range? You had stated that you can't document income. I work with a lot of self-employed people and being self-employed doesn't disqualify you for a loan. How much can you document? Do you file a schedule C and write everything off? Lenders are asking for tax returns for loans so your write offs may affect the adjusted gross income for you and your husband. When you are ready, you may call or email me for more information on what loan options you have for buying your first home. FHA loans allow higher ratios than conforming loans so if you are adamant about purchasing a home in the price range you stated. This might be an option for you.

You can reach me at (415)482-0420, ext 231 or by email: patricia.rufenacht@bankofamerica.com

I look forward to helping you answer your home loan questions.


Bank of America Home Loans
1299 4th St, Ste. 502
San Rafael, Ca 94901
0 votes
Kelley Eling, Agent, Novato, CA
Sun Aug 16, 2009
You should contact a local lender. One I can recommend is Patricia Rufenacht at Bank of America (415.482.0420) or email her at Patricia.Rufenacht@BankOfAmerica.com.
0 votes
Kenneth Schr…, Agent, Petaluma, CA
Mon Jul 20, 2009
Hey Adzling,

I don't think you will have as much trouble qualifying for a loan as you may think. My best suggestion is to talk to a few direct lenders to see what is available to you and your wife. I am sure Mission Hills would be a great contact to get you started.
Your FICO scores are excellent and your down payment is strong enough to get you out of an FHA loan and into a conventional without any question.

If you need some information on some local lenders, let me know. I would be honored to help you both out.
All my best for your search.


Kenneth Schrier Real Estate Group
CPS Property Advocates
707-529-4819 Direct Cell

DRE Lic.# 01380974
Web Reference:  http://www.kenschrier.com
0 votes
Mary Kay and…, Agent, San Rafael, CA
Mon Jul 20, 2009
Is your self employed income $40,000-80,000 after deductions on your tax return? Have you been self employed in the same line of work for at least 2 years? Based on your spouse's income alone, you would most likely qualify for a loan in the $250,000-275,000 range, but an FHA loan might give you more buying power. We would advise you to sit down with a mortgage broker who will be honest with you about your choices after getting all of your information and analyzing your options. We would recommend Amy Yamamoto with Nor Cal Mortgage in San Rafael at 415-258-1536. She is very good with first time buyers and takes the time to explain the whole loan process so that you will have an understanding of what they are looking for. She is Kathy's sister and Mary Kay's daughter. Once you have a chance to talk to her, get back to us, and we will help you to look for property in your qualifying price range.
0 votes
Jacob Varghe…, , San Jose, CA
Sun Jul 19, 2009
Hi Adzling,

Since you are putting 20% down payment, with best FICO scores, and very low other monthly payments, you stand a good chance of getting approved with only your wife's income.

I can get you pre-approved, and that should remove the fear factor of being rejected at a later date. You should most likely qualify for the 8,000 dollar credit. It would be great if you can keep the loan amount to less than 417,000.

Please contact me at 408-505-5797 or just log on to my website and apply online. This could save you some time.
Web Reference:  http://www.bestcaloans.com
0 votes
Leslie Jacob…, , Marin County, CA
Sun Jul 19, 2009
Hi Adzling,

I logged on to recommend the mortgage broker that I refer all my clients to, and see that he already answered your questions. Rob Spinosa is great! He is extremely knowledgeable and helpful, and really means it when he says "no obligation".

Also, I am actively working with clients in your price range. Please don't hesitate to contact me if you need help with your search.

Warm Regards, Leslie
Brannan Associates Realtors
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Sun Jul 19, 2009

You owe it to yourself to attempt a pre-approval with the scenario you describe above. More than likely, the approach we'd want to take would be to see if you can qualify with just your wife's income. At the end of the day, a real pre-approval would be the only way for you to know for sure and to set boundaries on what's possible.

Mortgage Master does allow you to figure all of the above out in a cost- and obligation-free environment, and I happen to be located in Marin. If you'd like to discuss your options further, certainly get in touch and I look forward to working with you.

Best regards,

Rob Spinosa
0 votes
Steve Ragghi…, Agent, San Rafael, CA
Sun Jul 19, 2009
I can recommend several mortgage professionals. Feel free to call or email me.




Offce: 415.258.4194
Cell: 415.308.4616
Fax: 415.456.5943
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