No NOA for 08, deal falling through....options?

[moneyismyservant]

Hubby and I are purchasing a rental unit.....the agreement is present, pre approval is there. The hiccup is I can`t show an NOA as it is still processing. We have asked for 2 extensions already. The lenders seem to be tightening up.

I am self employed, I have shown bank statements and T1`s/T4`s for the past 9 years. Our credit is flawless.

Not sure what to do.....street capital seems to be hard ass (so we have been told) we are contacting another broker.......is there anything else we can do?

Thanks in advance
Charleen

 

[RedlineBrett]

I am not a broker but had a similar issue. We also did a deal with a self employed client that had the same problem.

Ask your broker what number they need to know to process the deal. Then call the CCRA. Ask them what your income number is for 2008 or whatever number your broker is asking for. Once you hear this number call your broker back and ask if the ratios work at the number you heard over the phone from CCRA.

If they say yes you can waive as long as the lender receives a copy of your NOA prior to closing.

If you don`t actually know what your NOA is because you just filed your taxes then you need to talk to your accountant and find out what they think your number will be and how firm your submission to the CCRA was. Run this number by your broker and see if they are ok with the deal so long as the NOA comes back from the CCRA at the same number your accountant gave you. Your accountant should know this if you have filed already. If you *really* want the deal just push for a possession extension rather than a condition extension to buy yourself more time to sort things out with the CCRA and get things in line for closing.




QUOTE (moneyismyservant @ Jul 22 2009, 06:55 AM) Hubby and I are purchasing a rental unit.....the agreement is present, pre approval is there. The hiccup is I can`t show an NOA as it is still processing. We have asked for 2 extensions already. The lenders seem to be tightening up.

I am self employed, I have shown bank statements and T1`s/T4`s for the past 9 years. Our credit is flawless.

Not sure what to do.....street capital seems to be hard ass (so we have been told) we are contacting another broker.......is there anything else we can do?

Thanks in advance
Charleen

 

[PeterKinchMortgageTeam]

QUOTE (moneyismyservant @ Jul 22 2009, 05:55 AM) Hubby and I are purchasing a rental unit.....the agreement is present, pre approval is there. The hiccup is I can`t show an NOA as it is still processing. We have asked for 2 extensions already. The lenders seem to be tightening up.

I am self employed, I have shown bank statements and T1`s/T4`s for the past 9 years. Our credit is flawless.

Not sure what to do.....street capital seems to be hard ass (so we have been told) we are contacting another broker.......is there anything else we can do?

Thanks in advance
Charleen


If your taxes have been filed by a certified accountant and you have paid any oustanding taxes - and can verify both, there may be lenders that would look at it. As always, your file would have to qualify within thier guidelines, but assuming so and that you can confirm the above, no NOA wouldn`t be a deal killer......

 

[moneyismyservant]

QUOTE (CanadianMortgageTeam @ Jul 22 2009, 09:51 AM) If your taxes have been filed by a certified accountant and you have paid any oustanding taxes - and can verify both, there may be lenders that would look at it. As always, your file would have to qualify within thier guidelines, but assuming so and that you can confirm the above, no NOA wouldn`t be a deal killer......


My husband is an accountant and did my taxes.....the lenders want to see paper copy of the NOA. The lenders are looking for line 150......which we showed based on the return we performed, however, they still want to see the processed NOA. GRRRRR

I am not sure if there are other strings we can pull, I am wondering if someone has any crafty ideas???

 

[Nir]

Is it total income (line 150) or net income (line 236) on your NOA that they really want to see in case there is a significant difference between the two?

 

[RobMacdonald]

You may want to try another lender. I`m not sure if you have a rate held for you, but many lenders will not make that a `deal killer`. It depends on the rest of the deal, but if you have other strengths, you should be able to get an exception, especially if you don`t owe any taxes.

 

[moneyismyservant]

QUOTE (RobMacdonald @ Jul 23 2009, 09:15 AM) You may want to try another lender. I`m not sure if you have a rate held for you, but many lenders will not make that a `deal killer`. It depends on the rest of the deal, but if you have other strengths, you should be able to get an exception, especially if you don`t owe any taxes.


Thanks Rob, as of this morning, we are back on track. They did make an exception. PHEW!

It seems difficult these days to get mortgages....which in turn makes it difficult for brokers, agents and us to make $$$$.

I hope it turns around soon.

Thanks again!