Can i get a mortgage?

Bank statements will help. Be sure you have your taxes in order

>>1495129
So yes or no?

>>1495049
well? what the fuck? someone respond.

Why would anyone buy or even live in a duplex?

>>1495049>>1495618>>1496030
>provide basic bitch information
>surprised when you get basic bitch responses

>>1495049
business owner in the US here.

my bank gave me two choices
1. no-doc mortgage at 8.25%
2. bring in 3 years of taxes and the current year to date P&L.

which means when I started my biz I had a mortgage at over 8% for the first three years until I could bring in taxes to show income.

>>1495049
>>1496051
>I had a mortgage at over 8% for the first three years

it's probably worth saying- in those three years I didn't actually pay any of the loan principle. I was in effect paying the bank $1400/month in rent since all of what I paid went to interest.

on the plus side you can write off mortgage interest on your taxes so I came out ok from that.

>>1496057
>8.25%
What type of a joke is this? Did you get your mortgage from a fucking loan shark? I need a prime rate mortgage.

Go and see a mortgage broker. They will get you the best deal and they work for free as they take a commission from the lender.

>>1496113
that's just what you get when you're self-employed and can't prove your last 3 years income.

>>1496120
that's fucking dumb. what do they care as long as I give them their down payment? isn't the ideal situation for the banks to take my house away anyways after collecting a bunch of payments?

>>1496119
>for free
they'll put a shitload of inquiries on all my credit reports. i don't consider that to be free at all.

>>1496563
Banks really, REEEEAAALLY do not like dealing with foreclosures. They aren't in the business of cleaning up, fixing, and selling real estate. They sell loans.

>>1496566
Also, when you first get your credit checked for a mortgage I believe you have 14 days (or something to that effect) to shop around, and each additional inquiry is bundled into the first one. Pretty sure it's the same thing for car loans.

>>1495049

conventional will require 2 years of tax income.

Ofc there are lenders that will accept 6month- 2 year stated income but the rates will not be prime. im talking 6-12%.

And desu big banks are not the place to go when looking for sub-prime shit.

If you know you will have taxes for the next 2 years, get a int only bank statement at like 7-9% then refi when u got taxes in a few years.

>>1496563
And no they don't like dealing with foreclosures. For the most part they will lose money If they didn't collect on at least like 3-5 years of interest.

Ever since 2007, banks have been cautious especially because TRID guidelines from Dodd-Frank.

They can't just hand out loans anymore and sell them on secondary market without passing DU or LP approval.

I work as a mortgage broker, if I could just tell people to refi, sign a couple papers and have a new loan the next month my life would be a hell of alot easier. but no its full of underwriting approvals, shitty appraisals, documents out the ass, and half the time time the deals don't go through because they are missing funds in their bank or their new job is in another industry and you can't qualify their new income because of it.

Pretty much if you want a loan now, you need to have a stable job for 2 years in the same industry, taxes/w-2s to back it up, no crazy deposits on bank statements without explanation on bank statements unless you want to go sub-prime on some sketchy banks books at 8+ interest rate.

>>1497283
This is why I stopped being an MLO and started my own business.

>>1497283
Kind of curious what your experience is with investment properties is.

I get my shit done through a local credit union, and they are definitely bending some rules for me. Not that I'm complaining.