Benjamin963 Posted February 24 Report Share Posted February 24 I get paid in cash but I need to provide a Proof of Income document to apply for a mortgage. What can I do to get proof of income? Quote Link to comment Share on other sites More sharing options...
BackFromTheDebt Posted February 24 Report Share Posted February 24 If you don’t pay taxes on your earnings, they don’t count. If you do pay taxes, use your last 2 years of tax returns. You can’t have your cake and eat it too. 2 Quote Link to comment Share on other sites More sharing options...
Bulldoger Posted February 24 Report Share Posted February 24 6 hours ago, Benjamin963 said: I get paid in cash but I need to provide a Proof of Income document to apply for a mortgage. What can I do to get proof of income? Before the Mortgage Crash of 2008 we got a stated income mortgage. Look to see if they still have those. Your credit rating needs to be good-excellent, mine was bad but stay at home wife was 720. She stated my income as hers and we got mortgage. Something you can look into. Quote Link to comment Share on other sites More sharing options...
Clydesmom Posted February 24 Report Share Posted February 24 3 minutes ago, Bulldoger said: Before the Mortgage Crash of 2008 we got a stated income mortgage. Look to see if they still have those. Your credit rating needs to be good-excellent, mine was bad but stay at home wife was 720. She stated my income as hers and we got mortgage. Something you can look into. Those stated income mortgages are what caused the Crash of 2008. Too many borrowers who way over stated their income, bought more house than they could afford and used an adjustable rate mortgage. As soneone who bought a house in the past 2 years I can tell you the banks learned their lesson on that one. With the rates the way they are and housing prices out of control in many areas the lenders have tightened up their requirements and scrutiny more than ever. The chances of finding a lender for a mortgage that won't want proof of income are slim to none. I am betting on none. The OP is also taking a major risk. If he is living "off the grid" right now and getting paid in cash buying a home will put him squarely on the grid. He will have property taxes to pay along with insurance and other necessities. The chances the IRS finds out about his home are really good and they are going to want to know where he gets his money and why it is under reported. Quote Link to comment Share on other sites More sharing options...
Bulldoger Posted February 24 Report Share Posted February 24 6 minutes ago, Clydesmom said: Those stated income mortgages are what caused the Crash of 2008. Too many borrowers who way over stated their income, bought more house than they could afford and used an adjustable rate mortgage. As soneone who bought a house in the past 2 years I can tell you the banks learned their lesson on that one. With the rates the way they are and housing prices out of control in many areas the lenders have tightened up their requirements and scrutiny more than ever. The chances of finding a lender for a mortgage that won't want proof of income are slim to none. I am betting on none. The OP is also taking a major risk. If he is living "off the grid" right now and getting paid in cash buying a home will put him squarely on the grid. He will have property taxes to pay along with insurance and other necessities. The chances the IRS finds out about his home are really good and they are going to want to know where he gets his money and why it is under reported. Thought it was a long shot, I new a lot of changes occur after the crash. Personally, I don't see any upside to buying a house in 2023 they are overpriced and ready to fall and interest rates are high. Quote Link to comment Share on other sites More sharing options...
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