Posted on: 14th Jan, 2009 10:13 pm
With an excellent credit score, not one late payment, very minimal debt maybe of 4,000 or less on credit card being paid monthly... a downpayment of 20% great income... yet can not give only one year 2007 w2... can't get a loan. No one will give us a loan. Is there anyway with out one year w2 and self employment of less than a year anyway to get a loan???
Hi ndysskys,
As you are unable to furnish the 2007 w2 form, the lenders are not ready to give you the loan. This form is a sort of proof of your income and lenders will want you to furnish the income details of at least 2 years. I don't think lenders will agree to give you a loan if you cannot give them the proof of income for the last 2 years. As you are self employed, you can look for stated income loans or no doc loans but keeping the market situation in mind, I don't think any lender will agree to it.
Thanks,
Jerry
As you are unable to furnish the 2007 w2 form, the lenders are not ready to give you the loan. This form is a sort of proof of your income and lenders will want you to furnish the income details of at least 2 years. I don't think lenders will agree to give you a loan if you cannot give them the proof of income for the last 2 years. As you are self employed, you can look for stated income loans or no doc loans but keeping the market situation in mind, I don't think any lender will agree to it.
Thanks,
Jerry
ndysskys, some no-document loans still do exist, but they're hard to find to begin with, and getting rarer and rarer as time goes on.
In what state is the purchase. While there are few (none that I know of) national lenders who do stated income for self employed, there are some local lenders in select states
I know of a couple of lenders who will do that deal. However, George is correct....they are becoming scarce.
