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hillassetmanage · Joined: 03 Mar 2011 Posts: 1 1.34 Dollars($)

I am trying to get a home loan, Have avg scores of 680-700 own my current home and have 20 % down payment. I started to hobby farm last year and had a on purpose loss for farming but my w2's alone will support a 150,000 loan. They tell me with the farm loss I can't qualify but yet I make to much to get a first time loan or usda loan. They wonder why nobody is buying homes this is impossible. The farm has nothing to do with paying for house as it is hobby my day job takes care of the living.

jveenstra · Posted: Thu Mar 03, 2011 7:52 am Post subject: Hobby

Fannie Mae and Freddie Mac and FHA lenders require getting a copy of the most recent one or two year tax returns by processing a Form IRS 4506-T. They send that form to a credit bureau or someone who processes them and in a couple of days they get a copy of your tax return and that will show the loss from the hobby.
It does not matter if the loss is from a hobby or a regular self employed job. A loss is a loss. If it did not matter, why must it be reported on your tax return?
Anyway, it shows up and affects the amount of income used to qualify.

Find a portfolio lender who uses their own money and does not process IRS Form 4506-T.
I know such lenders exist because I could do it in NJ or CT or parts of PA and parts of NY.

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