Self-Employed DVC'ers...what type of financial info?

[rascalmom]

I am thinking of taking the plunge before the end of the year, but I don't want to get involved in a complicated mortgage process at the holidays. How much financial documentation did you have to give DVC to finance through them?

 

[gonzalj1]

When we purchased back in 2001 I had to show my last 2 years tax returns. That's all they asked for. It was very painless.

Don't think of this as your normal mortgage process. It's a very streamlined process that is about as easy as I've been through. Doesn't even show on your credit report.

 

[pplasky]

We just went through it earlier this year, same thing, last two years tax statements.

 

[Desnik]

We just purchased at WDW and were called by a finance person from DVC. My husband works for Verizon and also owns a business. The business is in it's first year so we were concerned about proof of income. This is what we were told. If you make between $50,000-$100,000 per year you need to have a debt to income ratio of 50%. If it is more than that you need to show proof of income, or proof of bills paid by the business. If your debt to income ratio is 50% and under they just ask for a pay stub confirming employment, or income and your fine. Well, our debt to income ratio was at 60% and we make just under $100,000 so we needed to show proof of either income over $100,000 or show that some of our bills were paid through the business because we had no W2's for the new business. Luckily my husbands work vehicle we pay with the business check so they needed a copy of a cancelled check and we had a copy of a cancelled check from my husband paying himself. After we sent that in via fax we were called back in 10min. saying everything was fine. It doesn't always go smoothly for everyone! I have purchased 4 houses and this of course was nothing like a "real" mortgage.

So, the documentation we had to show was a pay stub from Verizon, a pay stub or cancelled check from DH paying himself, and cancelled check for proof vehicle is being paid by the business.

That's my story hope it helps you!

 

[rascalmom]

We're an S-corp, so DH does get a paystub. He is the sole stockholder. No problems on debt ratio - just our house mortgage & a couple of small credit cards that have some Christmas shopping on them. Everything else is paid off.

 

[Desnik]

We also thought our debt to income ratio would be fine. We don't have any credit card debt. Just our mortgage. What did us in was we have 3 new cars and those car payments made our ratio go high. Once we proved that one of them was paid by the business, we were fine. I really think you will have nothing to worry about and it should go smoothly for you! I just wanted to post my experience in case someone reading it was in the same situation.
Good luck and let us know how it goes!!

Pardon my ignorance, but what is an S-corp? DH's business is incorporated, I'm sure that isn't the same?

 

[rascalmom]

S-corp is for small businesses. We don't owe anything on our cars. Thanks for the info. I just don't want to start the ball rolling on something during the busy holiday time if it will be time-consuming. I'd rather wait until after the first of the year, but I am a little afraid that the purchase incentives will be ending soon.

 

[goldilocks_63]

I have a s-corp, and didn't want the hassle of nororization, interest rates, etc.

so paid half up front on credit card, and balance one month later.... I don't know if this is an option for you, but thought I would mention it.

Best of Luck, Goldi

FYI - I agree that I think the price per point may go up in January....