You've got bigger problems than trying to obtain a loan. The IRS eats people alive. Regardless of having someone co-borrow with you, your income will have to be considered.I have enough to buy house but cant prove it?
You can amend your tax returns for the past three years. It will take some time to accomplish this since you will need to recreate what your business did during those years and send the returns in by mail. Obviously, you will need to pay taxes on the reported income plus interest and penalties if that is the case.
Too many self employed people such as yourself think that they can fudge on their taxes but sooner or later this practice comes back on them. If amending your returns is not an option then you will need to work out an arrangement with a third party private lender or family member.
My advice is to amend the last two years at least and begin to report the facts beginning with the 2009 return. I suspect that you are doing other things such as not getting occupational licenses, insurance and so on. You will be amazed that once you ';come clean'; and do business legally that your business will actually grow.
Fortunately for the rest of us, you can't do a liar loan any more.
100% of lenders are going to ask for your tax returns and if you can't prove income because you didn't report it, you will be shut out.
Of course, failure to report income and pay tax has an unlimited statute as fas as the IRS is concerned.
As far as cosigning, only an idiot would do it.
This is just one type of loan (';stated income';) that got us in the big mess we see today. If you can find anyone making them any more (some states have moved to outlaw or severely restrict their use) I'd be very surprised.
As a self employed individual, the only thing a lender is going to accept as documentation are copies of tax returns. Don't think you can dummy up copies; they verify with the IRS. They don't want their lien position sidelined by a tax lien.
Man, I couldn't sleep at night worrying about getting that letter in the mail from the IRS any day now. Don't know how you can get that out of your mind. Thanks for letting the rest of us shoulder your tax responsibilities.
Not possible with any legitimate lender. The lender would not make a loan even if they believed you since the IRS could put a tax lien on the property and cause the lender to lose a lot of money.
Tax liens take precedence over mortgages during repayment.
Now if you can find some guy with a crooked nose, you may be able to get a mortgage.
Hmmmm.....so you are cheating on your income taxes, and now want help proving that you cheat ? It won't work. Unless you start claiming your income as taxable and file tax returns showing your income, you're out of luck. NO lender will work with you on this situation. Why ? Because there is always a chance that the IRS will catch on to what you are doing and force you to pay taxes, both current AND past. How would you afford a mortgage in such a scenario ?
Your only chance is going to a smaller bank who does ';in house loans'; and hopefully they can look at your track record of repaying things and hopefully you've been in the same line of work for a couple of years. If I were you I wouldn't be announcing my tax evasion online. You never know who is reading this.
You can't. You need to show your tax returns for the last two years, co signer or not. Once you do you will not qualify. That is the result of cheating the system.
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