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Daycare Center and Family Home Forum>Purchasing a Home and Being a Provider
mountainside13 12:11 PM 02-12-2014
We started the process of buying a home and it is proving to be very hard since I am self employed! I document everything! Sent in all my paperwork and want to reduce our loan amount by $15,000 because some of my parents paid in cash so I don't have copies of the cleared check or credit card transaction. Even though the cash was deposited. Has anyone run into this before? Is it just this company? Try a different company? Or am I just out of luck?
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Blackcat31 01:46 PM 02-12-2014
Some other threads with similar issues

https://www.daycare.com/forum/showthread.php?t=29359

https://www.daycare.com/forum/tags.php?tag=mortgage

Tom Copeland also has a blog entry about self-employment and loan issues...

http://www.tomcopelandblog.com/2011/...-now-what.html

HTH
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kendallina 06:06 PM 02-12-2014
We just bought a house. They asked me to provide the last year's w-2 and 2 months of bank records. I think I also printed off a sheet listing what each family has paid me for each of the last two months. We didn't have any problems, though. Maybe try a different company?? We went with Fifth Third.
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mountainside13 06:50 AM 02-13-2014
Thank you so much for the information! I talked to a different loan officer and got a better explanation of why they are doing it. Essentially they can't claim $x amount that was paid in cash because it isn't in our primary checking account to cover the cash "lost" so making it seem like our checking is negative. Plus they are using our credit card limits not our balances. This company only approves you for x amount on the bases you could max out your credit cards. I had never heard of that before. It makes sense on the business side, they are protecting themselves but also kind of stinks!
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