the employers do it to keep from paying state and federal income tax. there as big a culprit as the employee. any earned income should be put on paper. i see it everyday. and i have to laugh at the people who are making say $12-1500 a week....there paystubs show $6-750 and they want to know why they dont qualify for a mortgage for $250k...or in some cases there debit loads are so high there current monthly debit actually is higher then there verifiable income...hmmmmmm hows that work . ya show on paper making $3k a month (gross) about $2200 (net), current liabilities are rent, car pymts and credit cards equaling $1950 a month and wonder why there turned down for "INSUFFICENT INCOME" bottom line is...IF YA CANT PROVE IT IT DOESNT COUNT !! ya wanna duck the IRS for the couple dollars ya save then ya cant get the things ya want because on paper ya cant afford it. I've been a Finance Mgr in the Auto biz for over 15 years and see it everyday

It is a crazy world we live in isn't it! :(

Guys that can't get loans because they can't verify income can still get a loan but they get the loan from a friend who has the money...not a bank. :D

Bernie, you hit the nail right on the head bro!

funny , cause my mortgage was no problem
and i'm basicaly the guy ya'll are talking about

Mortgages are different then boats.... A boat loan is basically a personal loan, it's almost as if they don't consider the boat as collateral. The bank will gladly foreclose on your house and sell it cheap to forgive the loan and you're on the street... It's not like you're going to hook up the dually to a 3 bedroom house and tow it to canada.

Plus...look at the sub-prime debacle that's happening right now...

When You are talking about that kind of Cash (% of your income) you are bound to get nailed eventually. If you put that money into a bank account, pay any bills with it, any payments that are trackable you will be up Sh**t creek without a paddle when they decide to audit you. I know a woman that used to work for the IRS and she said that 60% of the tips that come in narking someone off is from a family member. So when your brother in law is jealous about your new boat or your cousin is upset you have a nicer home, they do what jealous people do and even the score. Also, how is the employer showing where the money went?

I'm not trying to be rude but you are playing with fire and eventually it will probably burn you. Ok, enough preaching but the consequences when dealing with the gov. aren't pretty.

As far as no doc boat loans go I think in the current market that will be tough. When we did our boat through Key Bank 14 months ago it was really simple and we stated income and showed assets. We never gave a tax return (we could have) but our assets were there. Another thing is liquid cash. If you can show that you have 50% or so of purchase price sitting in liquid funds than a lender feels much more confident in the risk. That is the case with any loan, banks like to loan money to people that already have a little.

I think the current environment could prove tricky to do what you are trying. Additionally, I would never state income that I am not showing on my taxes!!

I'm guessing you didn't do that loan very recently, and if you did you paid through the nose for it as a result.

Another issue is at the moment foreclosures are in every spectrum of the market. I am actually looking for a new primary residence as a result of the values that exist. I am a licensed realtor and am shocked at the number of bank owned homes on the market that have a listing price of 80-100k less than what the note is. These are 3-4000sq ft homes sitting on 3-5 acres ( not exactly the ghetto).

Did my loan last June. It was pretty much like financing a car. I put down what I made on the app. They took my word for it based on my credit score. That's it. No tax returns. No payment stubs. Not even sure they called to verify income. From what I was told that is usually the case under 100k. Was not like a real estate loan at all.

I had the same situation with the mortgage for my house... Because I put 1/3 of the sale price down they didn't ask many questions.... I provided all the documentation that was needed and requested... I even notified my employer to expect a call to verify employment but they never did...

It's practices such as this in the banking industry that make you wonder why we have a mortgage crisis in this country right now..:eek::(

Agreed plus all you can do with cash is spend it no investments pension plan etc ends up costing you money even if you don't get caught.

I don't hate you or people like you. I just hate to see people get hurt for many years to come when they get blind sided by uncle Sam. All I was trying to say is that if you are paying bills with that type of money they can track it and nail you to the wall. Those type of funds need to be used solely on disposable types of expenses like eating out, going to shows, some fuel etc.

As far as the original question was concerned: I think you are going to have a tough time doing a stated income scenario because you can't show (or shouldn't show) where the money is coming from.

Sorry you felt attacked, I know that wasn't my intention.

Josh