Plan B
Hi All,
I recently put a piece of property under contract. 3 bed, 2.5 baths, 2500 sq ft. $125,000. This place is awesome and fits my family perfectly. I am at risk of not being able to close due to claiming so much in expenses over the past two years and showing a meager income on my taxes. In 2014 I claimed 10K but had over 600K go through my door.
My lender, a friend, tells me that even though I can put 20% down and the note will be less than rent that his hands are tied. My credit is not bad, I have a strong income, and basically no debt. Business is booming and it's time to get a home! I do not want to miss out on foreclosure pricing!
I need a plan B! Any advice to save me?