Does anybody know about a new law in Minnesota about getting rid of stated income mortgages?

Posted on Mar 16, 2013 in Stated Income Loans

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Best answer:

Answer by Joseph T
I’d like to be your first customer, can you loan me $ 5? I am hungry.

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by Chris Devers

Question by Leo: Is there any tax deduction for home loan in other countries ?
If a person carries a home loan in other country (other than US) is there any tax deduction(relief) given by IRS ? A part of his earning in US is being used to pay home loan EMI in other country.

Best answer:

Answer by Ken
Mortgage interest on a second home is deductible on schedule A as an itemized deduction, and even if the second home is located outside the U.S. However, if you reside in the U.S. and the lender is a foreign person/bank, then you are required to withhold 30% tax on the interest portion of the payments, unless a lower treaty rate applies. Depending on the jurisdiction, a treaty may apply to reduce or eliminate the withholding tax. However, if you want to rely on the treaty, you need to obtain a Form W-8BEN from the foreign lender where the lender certifies that it qualifies for treaty benefits. In either case, you will need to also file Form 1042 and 1042-S reporting that you made interest payments to foreign persons.

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Image by UIC Digital Collections
Title: Newberry Plaza condominium tower

Creator: Gordon &amp Levin

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stated income home loans
by eyewashdesign: A. Golden

Question by michael m: Does anybody know about a new law in Minnesota about getting rid of stated income mortgages?
My wife and I are going to be moving this summer in order to attend a nursing school in Northern Minnesota. The houses that are available in our price range are either money pits or just plain old nasty. So we have decided to build a small 1, drugs 400 sq. ft. house that is designed the way we want it and is clean (unlike the other houses in the area) anyway we have run into a problem. Because we are full time students the only mortgage we are able to get is a stated income mortgage, meaning we don’t have to prove that we are going to have steady incomes when we move. Well, I got a call from our mortgage lady last week and she said the Minnesota congress just voted to pass a law making these types of mortgages illegal. She said we need to close on a home soon before the Governor signs this into law in order to get anything. Does anybody know anything about this? How long after the Governer signs this will it take effect? Where could I call / write to get more info? Congressman?

Best answer:

Answer by Matt B
Having done a little research…it looks like this bill is a possibilty but far from definite.

The recent subprime market fallout moved mortgage lending to the forefront of the news lately.

Here is what the st. paul pioneer press stated,

” The primary Swanson-based bill, sponsored by Rep. Jim Davnie, DFL-Minneapolis, is too ambiguous and restrictive, Abed said.

The bill doesn’t make clear what is or is not suitable financing for an individual and would make it very difficult for brokers to make stated-income loans — loans, he said, that are appropriate when borrowers are self-employed or earn inconsistent commissions. Also, tightening up the 5 percent cap on all fees related to making a mortgage would make it almost impossible to write loans under $ 100,000, he said.

That also worries Lisamarie Sanchez Leadens, a Maple Grove broker who runs a school for mortgage brokers and bankers.

She worries that the bills would make home loans harder to get and cut off minority and low-income families from home ownership.”

Here are two links to articles:

http://www.care2.com/c2c/share/detail/329191

http://www.startribune.com/587/story/1068670.html

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One Comment

  1. It sounds like a cheap high pressure sales tactic.

    Lots of small business people qualify for mortgages using stated income loan products. If Minnesota ever passed such a law it would be a nightmare.

    You might want to shop for another lender.