There are "no documentation mortgages" You need to put 20 to 25% down and have a good credit rating. This is the easiest way to go when you are self employed......
Cathy is correct, you need a "no doc" loan meaning no documentation of income etc. You'll pay more interest but after a year or so you refi with a better rate or different broker. I have seen cases where guys going to jail have gotten them. These people used to specialize in them. http://www.greenpoint.com/index.cfm?spPathname=static/mort-home.htm
Just show them your tax returns and they will give you the loan. The income from daytrading will qualify.
When I went to get my car, all they looked for was: 1) My credit rating 2) Had I paid off a car before (now two) On my application, I put down what I earned a year, whether I owned or rented, and what my expenses were. He also asked me what I did for a living and I told him. That did not even phase him, but where I bougth my car from, half the people that come in there are MERC traders. nitro
Yeah, mostly it's about the credit rating, if you've been paying they figure the odds are you will keep it up.
You have a business and get paid just like everyone else. All lenders care about is that you can justify your past income and have a good chance of at least maintaining your exisiting income. Also, if you have stellar credit you get quite a bit of leeway on what lenders are willing to do for you ..... Typically, you will be required to prove your income for the last two years and have good credit to get decent terms on loans.
Another way that I have seen many traders go with buying a home: Get a "no income verification" loan. This will save you alot of aggravation, but you will pay points. Make sure that there are no penalties for paying off early, some banks will make you hold the loan with them for a year. Then refinance with another bank at a lower rate. Your accountant will alos be able to write off the points you paid on the first. Again, it's just another option.
This is how I got my house last year. Then last month I was able to combine the loans with a refi (love these rates!). The bank was a bit critical of my income, but they did accept the stated income route.
So do a lot of people. Some popular casinos that come to mind are the CME, NYSE, Nasdaq . . . Seriously, though, if you put up a 25% down payment with super credit the loan options are much larger. Once the PMI is out of the picture and there's a decent equity cushion for the lenders, the whole process gets a lot easier.