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Ok so I am trying to get approved for a $ 130,000 loan and everyting was going ok but now the lender tells me I need a downpayment (which I was not counting on doing) because the mileage and other work-related expenses claimed in my income taxed is about 16K so now my total income is not enough and I would need a downpayment of about $ 8,000! Is this true?
I do feel rushed because the closing date is in a week! Can a loan with another lender be processed in time?

4 Thoughts on Mortgage loan question expenses claimed in taxes?
  1. Reply
    sunshine
    February 1, 2014 at 7:01 am

    Get a 2nd opinion. Always!!! No it is not.

  2. Reply
    Lisa L
    February 1, 2014 at 7:04 am

    Ask if you need $ 8000 down or can you get approved for $ 122,000 with nothing down. If you are not self-employed or have commisioned income I am not sure why the tax returns were even needed. Maybe you should try a new lender.

  3. Reply
    LovelyLaugher
    February 1, 2014 at 7:47 am

    Remember, these snakes are the reason people are going into foreclosure right now. If you smell a rat, its probably a rat. Get another opinion. Shop around and take your time getting a loan. Don’t be desperate because they take advantage of that.

  4. Reply
    Leilani
    February 1, 2014 at 8:37 am

    All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrowerand are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.

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