[bkholdem]

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I've been a mortgage loan officer for the last 15 years.

If I loan you money I want to be assured that you will pay me back. Therefore, show me your income (ie. two years of tax returns.) We figure if you paid taxes on it, it must be real income. I don't care if you are a heart surgeon, poker player or an, umm, exotic dancer. (Yep, done regular mortgages for them.)

Now, if you can't prove you income to me, then it may get a little tricky. If you have at least decent credit and a decent down payment (10-20%) I can do a "No-income" or "Stated Income" loan. The interest rate is a little bit higher (1/4% to 5%) depending on your credit score, down payment and other factors.

On the no income loans, the lenders really want to see some $$$ in the bank. Stock, bonds, retirement accounts, checking & savings accounts, etc. (I mean really, if you're pulling down mega-bucks, you should be able to save some of it.)

PM me if you have specific questions.

--------------kitty

PS. I am only licensed to do business in Arizona, so I won't try and get your business. Just trying to pay the forum back.

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Just out of curiosity, if there are no w-2 forms etc, how do you know if the tax return is real? Can someone just keep a dummy return for credit purposes? Is would seem maybe there is a law against this (can you cite the law it breaks), but if you're not actually submitting anything false to the IRS...

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If a rich person is co signing and they can meet the credit guidelines for a 3rd house isn't the posters info irrelivant? Don't they just go by grandpa's info?

If Bill Gates cosigns for my house does my specific info matter?