Edmunds Answers

Answers

  • tony78 06/09/08 1:13 am PST

    A bank statement doesn't prove income,,,as for the letter of employment how does the bank know that a friend of yours didn't write it up ?,,you will probally need a co-signer to get a loan.

  • vpitman 06/09/08 1:52 am PST

    If the letter is on letterhead, and the bank is willing to call, the letter might get you somewhere, but you probably need a year's worth of statements showing regular deposits. I know for small business owners (or contractors) who are looking to buy a house, they usually have to show two years worth of income in the form of bank statements, if they are self-employed (if they haven't set their business up so they get a regular paycheck from the business).
    If you have no credit, and you're having trouble showing where your income is from, you probably do need a cosignor.

  • obyone 07/04/08 6:41 am PST

    If you get paid in cash there will be many questions asked. To avoid this you can supply the bank with the first page of a signed income tax return. Now that will show your income (claimed or not) that you are reporting to the government. A bank statetment proves nothing. Good luck.

  • provemyincome 04/04/10 11:46 pm PST

    I had the same problem. Only, I could not get an apartment cause I had no way to prove my all cash income. A close friend of mine told me of this website that made me some official paystubs and I was able to get into my new apartment. www.provemyincome.350.com

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