Brian England, MBA, GRI, REALTOR® Real Estate in East Valley AZ (Arizona Focus Realty)

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Rainmaker
812,854
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

That's a really good question . . . I'd go around to the lenders I know and ask them first. 

'I would think' that the tax returns would still help a lender qualify them, even if they do expense out their entire life (like I do)! 

Sep 14, 2020 08:57 AM
Rainmaker
786,604
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

There used to be a program called "stated income" for borrowers who had great credit, excellent assets but were able to prepare tax returns that showed little taxable income. Those programs were abused in a major way and contributed to the melt-down of 2008-2012. I don't know if lenders have resurrected those programs. I have not had a client who fits that description.

I suspect a lender on this string will step in with an answer.

Contact a local lender of your choice.

Sep 14, 2020 08:12 AM
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Try Hill Hudson with South State Bank - Hillhudson@southstatebank.com. It's called a 'checkbook loan' product - they go by income & expenses shown in your accounts and not what you claim as deductions. 

Good luck!

Sep 14, 2020 12:13 PM
Rainmaker
892,694
Diana Zaccaro
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

I do not but Caroline Gerardo can probably help you. A good mortgage broker will have more options and flexibility than most banks.

Sep 14, 2020 11:48 AM
Rainmaker
876,749
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

I'll be parked looking for the responses to your question

Sep 14, 2020 10:10 AM
Rainmaker
1,442,909
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

I don't think it will be done...

Sep 16, 2020 05:51 PM
Rainmaker
1,898,304
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Good credit, no money. 

It will be hard to get refinancing. 

Sep 16, 2020 12:27 PM
Rainmaker
2,886,836
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I do not Brian England  - as others have suggested - reach out to a few of the lenders we know in the AR community. 

Sep 14, 2020 11:29 AM
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Anna Banana Kruchten Arizona's Top Banana!
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Hi Brian the guy I know that has posted about this subject is Rob Spinosa - I'd give him a call for ideas and resources.

Sep 14, 2020 10:39 AM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Brian,

That often happens when one is self-employed.  Some lenders understand and some do not. I think that Candice A. Donofrio gave you great advice.  A

Sep 14, 2020 11:08 AM
Rainmaker
5,889,239
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I hope you have some good answers.

Sep 14, 2020 08:31 AM
Rainer
274,737
Caroline Gerardo
Sun West Mortgage Corporation - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Can they show bank deposits over  24 months in same account?  What rate do they seek?  What else is good about the file -   low loan to value/ lots of liquid assets/ single family owner occupied???  Do they have depreciation?

Many things need to be deeply reviewed. Net income low is only one piece of the whole pie.

Sep 16, 2020 06:17 PM
Rainmaker
3,060,232
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Brian England I will search and let you know about stated income loans.

Sep 14, 2020 01:03 PM
Rainmaker
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Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA
Sr. Loan Officer, CMPS, CDLP, CDRE, RCS-D, CDPE

While there are progarms that can use Bank Statements & P&L's in lieu of Tax Returns, there are extra provisions (and inferior loan terms) to consider. There are also nuances on determining how many years of Tax Returns to verify, and/or whether an abundance of liquid assets may be used in lieu of strong Tax Returns. In short, the devil is in the details. I recommend reaching out to a seasoned Mortgage Lender to determine options specific to each profile.

Sep 14, 2020 06:39 PM
Rainmaker
1,050,262
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Nope! Cause that is me and Jason E. Gordon cautioned me in this COVID market you have to choose: between tax deductions or refinancing. (Paraphrased)

Sep 14, 2020 06:29 PM
Rainmaker
821,960
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Since the Bank of American caused recession of 2008 lenders and underwriters find them selves more accountable regarding the loans they provide. A bad loan CAN COME BACK.
Looking first to those middle size lenders who do portfolio loans would be where I would startt. Movemeent Mortgage would be one. BlueVine has been a very creative solutions provider the past 12 months.
Next would be the local banks offering small business loans.

after that the banks whith names you have neever hear of with the locked front doors. Appontment Only.
In the end the lesson is there are consequences to concealing ones income.

Sep 14, 2020 11:19 AM