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Old 12-21-2010, 07:17 PM   #1
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Still Jumpin through Hoops

Day 2 of our quest to navigate the new banking system to buy our 2009 DP. Today they wanted bank statements, blood type, and all kinds of other stuff. I am self employed. Own my own S Corp. What a bunch of crap. I know be patient, they are only hoops....BUT...Thoughts?
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Old 12-21-2010, 09:50 PM   #2
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Being self-employed is not the best circumstances when it comes to getting a loan, any loan. We went through the same hoops to buy our first home & that was 20 years ago. It took forever, a mound of supporting documents, no doubt an FBI background check & the bank stopped short of asking for a pound of flesh...but just barely short. I can only imagine, with the economic times we're going through now & bank skittishness for lending, it's gotten worse. All I can say is, yes, be patient. Or become a credit union member. We've not once, had an issue with getting a loan through our CU.

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Old 12-22-2010, 09:33 AM   #3
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x2 on Credit Unions. Been a member of the Boeing Employees CU since 1968.
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Old 12-22-2010, 12:07 PM   #4
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Sure does sound like a lot of hoops to jump through. I wonder why tax returns aren't sufficient to verify income.

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Old 12-22-2010, 02:16 PM   #5
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Thanks to all..We got it. pictures and more in New Coach Thread.
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Old 12-23-2010, 02:03 PM   #6
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Congrats Banks for sure have gotten gun shy! Enjoy!!
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Old 12-23-2010, 02:04 PM   #7
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Cool

Switching over right now!!
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Old 12-26-2010, 10:50 PM   #8
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Having been a mortgage loan officer I know what you are going through. However self employed people have the greatest ability to play with the numbers when qualifying for a loan
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Old 12-28-2010, 06:52 PM   #9
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Originally Posted by RickO View Post
Sure does sound like a lot of hoops to jump through. I wonder why tax returns aren't sufficient to verify income.

Rick
I too am self employed (partnership) and I can explain why tax returns aren't sufficient proof of income: It's because my name is on all the business bills too. What this means is, when my credit report is run my total debt load includes my personal AND business debt. But only my personal income (via personal tax returns) is used in the debt-to-income ratio calculations. It's kinda hard to get a loan when your DI ratio is in negative territory! And trying to work around it is a freakin' joke. Doesn't matter that the business loans are also in the business name, lenders won't discount them. Nor will they allow me to use any additional business income as "income". Personal tax returns only...

The only reason I get loans at all is because I've been with the same bank for over 30 years and they know where every dollar I make comes from and where it goes. And they're willing to help. But I can't get a $2000 loan from anywhere else even with an $80,000 houseboat as collateral.

Good luck...
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Old 12-28-2010, 08:08 PM   #10
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I too am self employed (partnership) and I can explain why tax returns aren't sufficient proof of income: It's because my name is on all the business bills too. What this means is, when my credit report is run my total debt load includes my personal AND business debt. But only my personal income (via personal tax returns) is used in the debt-to-income ratio calculations. It's kinda hard to get a loan when your DI ratio is in negative territory! And trying to work around it is a freakin' joke. Doesn't matter that the business loans are also in the business name, lenders won't discount them. Nor will they allow me to use any additional business income as "income". Personal tax returns only...

The only reason I get loans at all is because I've been with the same bank for over 30 years and they know where every dollar I make comes from and where it goes. And they're willing to help. But I can't get a $2000 loan from anywhere else even with an $80,000 houseboat as collateral.

Good luck...
What a nightmare. Thanks for the explanation.

Rick
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Old 12-28-2010, 08:11 PM   #11
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What gets me is you can buy a new car with no money down and bad credit.
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Old 12-29-2010, 06:23 PM   #12
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It's home !!!!!! Yes I was able to pull around the house ( circle drive) and back into our space. This MH is only 6 feet longer then the Bounder but it still was a chalenge (sp). Will post photos tommorow. Tom Johnson was great 3 hour PDI. Everything works. We are, wait for it, are having dinner and spending the nite dry camping in our yard. The electrican did not finish upgrading the power to our parking pad. Anyway
thanks for all the good wishes.
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Old 12-29-2010, 06:37 PM   #13
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YAY, glad everything worked out for you. Congrats on your new MH.

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Old 12-29-2010, 06:37 PM   #14
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Congratulations on the new coach. Glad you didn't blow your cool before the ordeal was over.
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