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HELP - Loan Question

Posted on: 19th Dec, 2006 12:30 pm
My bank is asking for a letter from my CPA (stated income loan) but I can\'t get ahold of her and the closing date is for 12/21! ! ! What should I do? I have the tax papers that were filed with the IRS but they are requesting a letter. HELP!
Hi Martinez,

Some lenders also accept a confirmation from three disinterested business associates, confirmation of a phone directory listing or 2 years of business license if a CPA is not available.

Ask your lender if he will agree to any of these options or not.

Thanks
Posted on: 19th Dec, 2006 01:01 pm
Two years tax returns are required for self-employed borrowers. I can close this loan in a week or less if you already have all the necessary documentations. What state are you purchasing your home?

If you have any questions please feel free to call me at (702) 938-7692.

Art Casimiro Jr.
Mortgage Consultant
Posted on: 19th Dec, 2006 06:45 pm
Hi Martine,

Welcome to the forums.

As the stated income loans do not require proper documentation of income, so in order to prevent frauds being committed by borrowers, lenders generally ask for a letter from their CPA who has prepared their tax returns. But if the CPA is not available, they can also provide lenders with 2 years of license related to their self-employment.

Thanks,

Sara
Posted on: 19th Dec, 2006 09:49 pm
Hi Art Casimiro,

Welcome to the forums.

Thanks for the information.

Hope you enjoy visiting our forums. :)

Thanks,

Brian Dela Cruz
Marketing Department
Posted on: 19th Dec, 2006 11:43 pm
Greetings,

Are you incorporated? If so, your articles of incorporation may also serve to help verify your length of time in business.

8)
Posted on: 20th Dec, 2006 09:05 am
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