HELP! Should I pay 15k to maybe get access to 100k?

9 Replies

for the past three years I've been building other people's deals been saving a bankroll but as everybody knows it's kinda hard to save so I need to make moves.

When you get down to it my debt to income ratio is high.

My thought is to refinance my house. It's at 6% on 115 K and then get a HELOC on the remaining equity, arv is around 250k on the high end.

But my dti is high so I was thinking about revising my previous years tax returns and paying around 15K to qualify for the loan.

I'm not over extended I don't have any debt apart from my house and my car payment and I'm saving consistently.... Just slowly haha

I don't want to sell and I don't want to do a Cash out refinance.

I thought about asking my dad to co-sign for me.

he is a high income earner and has disposable income.

I prefer not to,,, you know the whole do it by myself thing.

does anybody have an idea of how much a signature is worth like a dollar amount?

Does anybody have any thoughts on this situation? or have any questions??

I'm looking to make a move by Wednesday night the 28th

Why is your debt to income high?  You say you have a house and car payment.  Refinancing your mortgage which is at 6% might be a good idea, but that will further increase your debt if you refinance for a larger amount.

@Tom S. If I revise my 2020 tax returns and claim more profit like instead of making "40k last year I make 50k"

Unless I'm wrong we are all, allowed to revise our tax returns up to 3 years in the past

I pay 15K in taxes this makes my DTi better. now I fit in the little box and then I will qualify

@Daniel Devin Jewell   Yes, that makes sense now.  I didn't see "pay an extra $15k in taxes" in the original post so thanks for clarifying.  

Yes, typically you can revise your past 3 years of taxes.  Hopefully the lenders don't flag it too much.  I've only revised mine once, for some seller financing interest I forgot to report (since this doesn't come as a standard tax statement like mortgage interest paid through a bank).  I recall the lenders questioning it but that was my response, and no further questions on the revised tax return.

I'm not sure what you do for income and if the numbers can easily (or legally) be revised.  I have both W2 income and rental income, so the numbers are straight forward and fixed.  The expense side is just the expenses for the rentals and the depreciation.

Good luck!

I think that what you are proposing would be mortgage fraud.  The reason you are changing your tax forms is specifically to qualify for a mortgage you would otherwise not qualify for.  The end result would be that your mortgage application would not be truthful.

Your cost could be much more than $15k.  It could be time in a federal prison.