posted
So I get off the phone with a bank today about a house and they basically tell me im S-O-L on a home loan. I am eligible for a VA loan, and STILL with the crisis going on it has red tape all over it. On a home loan they now go off your past year or two of verifiable income...meaning they look at your tax returns. So since I was military those years that goes out the window. One of those years with me being in Iraq shows no income period because we dont pay federal income taxes while deployed. I knew the market was messed up, but not this bad. The other problem now is me being employed by my start up. They said even if I made 400,000 this month I would have to wait until tax time to get my return to prove income to be eligible for a home loan. I could have $400K in my bank right now and the earliest they could process the loan would be next Feb! The banker I talked to today said he had to turn down a lawyer for a home loan. This lawyer started up his own practice this year and grossed over $150K, and the lawyer was turned down because they had no tax return on that income to prove.
Messed up isnt it? So I guess that means im renting while I save up. I might as well just buy a house cash down the road instead of paying a bank to loan me money. This is like pulling teeth! If I had stable income to prove over multiple years it wouldnt be so bad, but I would have hoped they would see a veterans unique situation given they ARE veterans loans.
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so.
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posted
You might want to see if the state you are looking to buy in has a state vet home loan program. They are usually easier to get a loan from since they are funded differently and put there only for veterans.
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posted
i just remembered something CCM, i bought my first house off the VA foreclosure list...
the VA HAD a program where they would have financed me.
i used conventional because settlement is much faster, but my recollection was that they would have financed me at a good rate and NOT used my VA benefit (as a matter of fact? i think it was prohibited for me to use my VA benefit)...
the deal is that lenders want these off their books...
IF you are looking for a house (as opposed to a specific house) you might try asking about foreclosures and see if you can buy them direct from lenders, you may be able to get financed, simply cuz lenders can improve the look of their books...
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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posted
even though you didn't pay taxes didn't you still file a tax return showing that income? military members with tax exempt income while in combat zones receive automatic extentions to file indicating tax returns still need to be filed. That income should still show up in the gross income amount on your return. i didn't look into into it deeply but it seems like you're missing some gross income on your returns.
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posted
Thanks guys! There is no way im going to try to get approved for a home loan based off enlisted pay during the 4 years I was in.
I guess im going to have to pay cash for a house. I didnt really realize how big of a mess this all is until getting into it. Also, I would have thought there would be more support for entrepreneurs, but there isnt. Its like..."oh you started your own business" Well we need so much of this and so much proof of that yadda yadda.
Im just going to look around for a nice place to rent for the time being...my only choice. I didnt think it would be so difficult to do all this stuff when I got out of the Army.
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so.
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