stated income loans

[rynophiliac]

heres my problem i want to buy a house in the phoenix area while the market is down and get some roomates to help pay the mortgage while im in school.

i have a part time job that i can only prove about 10k a year salary on, however i own and operate a small service business (freshyards pet waste removal) and make great money doing that.

i have worked long and hard and have saved plenty of $$$ in the bank, however i cannot seem to get financing for this house because of my lack of provable income.

i have talked to a few people about stated income and have applied for one but it doesnt look too promising, they require 5% which isnt a problem and a middle fico score of 680 (i have 673)and six months reserves in the bank (no problem). they all seem to say the same thing "i dont see why you wouldnt get approved with that fico score if you have 5% down and reserves in the bank" but they all come back declined.

any other ideas out there that could help me get in this house would be great

thanks

[Sparks]

It may be because you are banking on having roommates and calculating only what your portion of the mortgage will be. The bank is looking at debt to income ratios. Buy something less expensive like a condo or something that you can manage on your own.

Did your lender pre-qualify you?

[rynophiliac]

condos are pretty expensive as well
but no im not banking on the roomates paying my mortgage i can afford it on my own easliy
i just cant prove that i can