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Guest

Hi, my wife was told that the loan officer need 2 years of last w-2.

What if my wife has only been working since july last year (2008) ?
Finished this year she would've had 2 w-2s (2008 + 2009).
Or will this be a problem ?
Is it really necessary to get the last 2 years of w-2s ?
Is there any other way around this ?

ANY help is appreciated. Thanks

jenkin7 · Posted: Wed Oct 07, 2009 10:28 pm Post subject:

Hi Guest,

Eligibility criteria for home loans are quite strict these days. Lenders now want to see the borrower employed for at least last 2 years. They want to be sure that the borrower has a steady income and can afford the monthly mortgage payments. This is the reason why they want to see your wife's W-2s for the last 2 years. Most lenders would want that. I'm not sure if any of them would relax such a requirement in this market environment. Your wife can explain her situation to the lender and can also look for other lender who may allow her a loan without 1 year's W-2.

eric1 · Posted: Thu Oct 08, 2009 5:16 am Post subject:

Guest

Lenders WILL waive the two year requirement if your wife has an acceptable reason for not working for two full years. Those reasons are but not limited to...

Attending college or some type of job training
Birth of a child
Tending to a sick relative

Company	Loan Type	APR	Est. Pmt.
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2 years of W-2s