# Home loans for small business owners?



## TshirtGuru (Jul 9, 2008)

For the past 1.5 years I've been living in a house I plan to buy. My dad owns it and I've been paying the mortgage for the 1.5 years which will go toward the downpayment. Well here is where I'm stuck. Banks got rid of the stated income loans which I planned to use since as small business owners have tons of tax write offs our tax returns don't show much income. It seems my only choice is to not write off so much on my taxes but why would I pay more in taxes if I have legitimate tax write offs? 

Can anyone help with advice that's in a similar situation?


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## binki (Jul 16, 2006)

Go to a broker and find out what the story is for self employed. 

The entire problem with stated income loans is they were all pretty much fraud. Once the loan companies found out they could just make up numbers to make the loan work they just wrote loans as fast as they could. 

So, you have a few options. You could have your family carry the paper if they can pay off the note or they can Quit Claim the property to you. You can also go to the current lender and see if they will transfer the loan to you. Look at the current note and see if it is an assumable loan. 

Good luck.


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## famfunllc (Jan 7, 2012)

This is a complicated situation and will have a lot of variables. I know for certain it would be silly to not take legitimate tax deductions. I don't see any advantage that will give you. As mentioned by others if your intent is to mislead it could also land you in the slammer!

A land contract might be more appropriate for you (you buy directly from dad).

You should really contact a real estate agent in regards to self-employed mortgages and a CPA/attorney for land contract options.


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