1st time homebuying?

So how would I buy a home if I have no traditional means of proving my income...I am a freelance worker and I just accept cash payments, zelle, Venmo, etc. - in this instance what would the process look like, expectations, etc. 


Also, I’m working on repairing my credit. My score is 653, one chapter 7 dismissed, etc. I am working with Lexington law to help me further. and I have student Loans and a car loan. (Around 65k combined debt)

Update 2:

Also I just pocket this money. I have not field taxes on it. 

Update 3:

By freelance I mean sugar baby 

21 Answers

  • garry
    Lv 4
    4 weeks ago

    sorry you sound like a hooker , paying no tax or not declaring it , answer is simple you need to pay tax to get a loan , how else they supposed to prove you earn any money .

  • 4 weeks ago

    "worker". a sugar baby isn't work. lol. just pay cash since you can't show income

  • Judy
    Lv 7
    4 weeks ago

    You'd show the lender your tax returns for the last two years.  You illegally didn't file?   Then save up and pay cash.

  • 4 weeks ago

    I think you need to put this on hold until (1) your credit score reaches the mid-700s, at the VERY least; and until (2) you can provide proof of income and job stability; and (3) until at least 7-10 years have passed since your bankruptcy and you have re-established good credit. 

    Right now, your score is far too low to qualify for a mortgage almost anywhere. And you haven't filed taxes on what income you DO make--so you can't prove any of it. How do you think lenders will see this?  Your situation is precarious and unstable. You haven't got a good enough financial history, AND you have way too much debt at the moment.  $65K?  That's a LOT. That's the price of some houses right there in some areas! 

    No--this isn't going to happen--not unless you have enough cash on hand to pay cash for the house. You won't qualify for a mortgage loan of any kind as things are right now. 

    You need a lower debt-to-income ratio, a much better credit score and a lot of time past that bankruptcy, and you need to start paying taxes on your income or you'll never be able to prove anything. If your freelance work is steady and you can PROVE it, you might have a shot in 5 years, providing you do the rest as well. 

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  • Mark
    Lv 6
    4 weeks ago

    The only way in your situation would be to pay cash, which you don't have.

    You cannot get a loan without two years of tax returns to prove your income.  As far as they can see, you have $0 income.

    Add to that your score and debts and it just ain't gonna happen.

    Get your tax situation under control, pay down your debt, and start saving for a down payment.  This will likely take years unless you dramatically increase your income.

  • Anonymous
    4 weeks ago

    "Also I just pocket this money. I have not filed taxes on it."

    You are not getting a house, then. They need tax returns, proof of income, credit scores, bank statements, etc. Since you have failed to file any of your income, if you were to even try and buy, you'd be flagged and more than likely audited. So in a nutshell, you're screwed until you pay the taxes you owe and keep filing on your freelance income to show proof that you have filed. When I bought my home, they required 2 years minimum for taxes. My friend also works freelance, and when she quit her job to do this full time, the first thing she did was ask how to file with a freelance job, and she made it happen and has a house now. 

    You done messed up, man...messed up bad. You should have been filing this whole time.

  • Anonymous
    4 weeks ago

    You would pay for the home in full with your own money.  

    You *do* have a traditional method of proving your income.  You have chosen to commit multiple crimes instead.   There are no mortgage loans for you.

    There's nothing stopping you from filing amended tax returns for the past two years.  Of course you'll have to pay the tax you legally owe. 

  • Eva
    Lv 7
    4 weeks ago

    Where are your tax returns and bank statements?  As a freelancer, you should be filing as a self-employed person.  If you've been dodging that, you have no one to blame but yourself for not being able to get a loan.  As a self-employed person, you'll need 2 - 3 years of tax returns and at least a 10% down payment.

  • 4 weeks ago

    This Generation is Run by Capitalism......... I bought a house AT 19...... good Lyck with this economy dear . #GodBless

  • Rick
    Lv 6
    4 weeks ago

    copies of your past tax returns ???

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