Health & Fitness
“When Mortgage Clients Don’t Tell the Truth”
From time to time, during the prequalification process, folks misrepresent stuff, like income, especially self-employed income, length of time on the job, monies available for down payment and closing costs. There are many more, but these are my most common.
A Realtor referred a client, indicating that he had lots of money and wanted to buy a $315,000 house. I get suspicious when being told that someone has a lot of money. This is a self-employed import/exporter.
Upon speaking to him, it didn’t take me long to figure out, this guy was full of s**t. How long have you been in your current business? His answer, 18 months. What did your 2012 tax returns show for net income? His answer, I have a very good accountant. What did you do before your current business? His answer, I drove a cab. What do you know about your credit? His answer, 750. When I ran it, it was a 614. How much do you have available for a down payment? His answer, can I get a 100% mortgage?
He then asked if I thought I could get him a mortgage? I told him, I wasn’t sure until I saw his personal and business tax returns and bank statements. He said that he would overnight everything to me tomorrow that was a month ago.