cardude
Full time employment: Posting here.
- Joined
- Feb 21, 2006
- Messages
- 599
Has anyone here on the board been able to qualify for a mortgage with no earned income? I am still trying decide whether to refi or not, and one of the reasons I'm considering doing it NOW instead of later is because I'm approved right now because they are going off my last two years of tax returns when my business was doing well and I had plenty of earned income. I am in the process of closing my business (didn't tell the lender that), so for 2009 I will have no income to speak of. I will still have plenty of cash, interest and dividends to cover the payment, but no earned income to speak of.
The argument for waiting is because I'm also trying to sell my current house and didn't want to pay the fees for the refi it sells, but I'm not sure if that will even be a possiblity in this market. The refi will cost me 8K in fees total. Should I just pay the fees, refi, and think of the 8K as insurance in case the house never sells? The refi will lower my payment 42% (longer term plus some cash) and make our budget work without my business income. Without the refi our budget is all out of whack due to the loss of my business income.
Another question I just though of:
Am I doing something illegal my not mentioning to the lender that I'm closing my business and my future income will look nothing like my past income?
The argument for waiting is because I'm also trying to sell my current house and didn't want to pay the fees for the refi it sells, but I'm not sure if that will even be a possiblity in this market. The refi will cost me 8K in fees total. Should I just pay the fees, refi, and think of the 8K as insurance in case the house never sells? The refi will lower my payment 42% (longer term plus some cash) and make our budget work without my business income. Without the refi our budget is all out of whack due to the loss of my business income.
Another question I just though of:
Am I doing something illegal my not mentioning to the lender that I'm closing my business and my future income will look nothing like my past income?