All Forum Posts by: Justin Madison

@Dave Skow, he is trying to avoid having to pay all the taxes. He has been making good income for years. Judging from the other posts, it seems like a bank statement loan would be the proper option so he doesn’t have to claim the higher income and pay all the extra taxes. Would you agree?

@Jared Rine, your understanding is correct, thank you.

@Julie Gates, yes he said he has above 800 credit score so he’s good there too.

@Jared Rine, thanks for the support and good info. Appreciate it. I passed this thread along to him so he can reach out when the time is right.

@Chris Davidson, he is in Nampa. Sounds good, I passed this post on to him so he can reach out when he is ready to explore these new options. Should be very soon from what he said.

@Eliott Elias, thanks for the affirmation. That’s helpful.

@Jim Duncan, thanks for Al the great info and support. I know he is trying to keep his down payment lower to try to keep more cash in his business, but perhaps he would be flexible on this if the numbers made sense. I passed this thread along to him and he said it was really helpful, so thank you for your contribution.

@Theresa Harris, he said he would prefer to keep the down payment mower to keep more cash in his business. Seems like the bank statement loan is the way to go, as many recommended. Thank you.

@David Bilandzija, thanks for the good advice. Looks like mostly everyone else agrees with your good advice. Appreciate it. I apples this thread along to him and it was really helpful as he didn’t know about this type of loan option.

I have a friend I’m trying to help. He owns his own business and makes good money, $200-$300K per year, but he also has many tax write-offs so he shows a much smaller yearly income on his tax returns. His dilemma is he is trying to buy a primary residence in Idaho for about $600K but can’t qualify for that large of a bank loan unless he shows about $180K of income in 2022. He made more money than that, but it would be a large tax hit for him because he would have to pay all the extra tax on that income instead of using his write-offs. I’m trying to help him find a creative loan solution to keep him from having to show all that income and pay all those taxes, yet still get a loan. He is desiring to buy a house in the next 30-60 days. Any thoughts?