Daytrader: How to get a mortgage???

F

FortNox

I am currently a day trader with only schedule D income.
Lenders do not qualify my income because it is schedule D. I do not want to leave the tax advantages of this area. So has anyone had any experience getting a loan with Schedule D income only?
I have heard it takes 3 years of tax returns? I currently have 2. Is there another way? OR friendly advice would be welcomed.
 
Cash is best option :)

Or

You can form an llc, pay self employment taxes and then pay yourself once a month to make it look like you have consistent income. Form relationships with local bankers. I think two years of tax returns get averaged out on your take home income in self employment cases.

Contract for deed is another option if you can find a willing counter-party.

Have a spouse who has a good w2 income.

Buy a shell corporation with good credit.

Use IB portfolio Margin and hope the market doesn't blow up in your face.

I'm unemployed according to the gov .I value being debt free "off the grid" and not paying self employment taxes more than being able to get a mortgage.

I'm no expert, just some methods I have heard of.
 
thanks for the reply!
I did some searching and I thought stated income loans were finished, but it seems like they are still a possibility.
Has anyone ever used a stated income loan ?
 
http://www.elitetrader.com/vb/showthread.php?t=253151

Here is some info that might help.

If you make it to underwriting, make sure you can explain every large transaction in your account. Every transaction over a couple thousand and they made me sign a letter stating what it was for. I sold a car and deposited the money then paid off a loan elsewhere with it. Talk about a million questions. They wanted the bill of sale and the bank statement where I payed off the other loan for proof of everything.
 
A bank that keeps your mortgage in house can do anything they want.

They will have their standards but it won't have to be "three years" which is a Fannie/Freddie thing.

They might accept assets or just the two years in combination with other factors.

The neighborhood community banks are more likely to do this.
 
Get a private mortgage from an individual or private company. These guys lend on the basis of collateral as opposed to income and debt servicing requirements. They are not regulated by law. They just want to be able to get their money back if you don't pay. They might lend you less based on how much equity you have in the house. They may be more costly than banks....but a mortgage is a mortgage and it satisfies the tax man.
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