Mortgage approval with no W2

Hello Lisababin,

If you are going for a full doc loan then I think you need the W-2 for the last two years along with the pay stubs.

Otherwise you may have to go for a no doc loan.

You have to talk to your lender to find out if they accept a notarized letter from the company.

Hi Lisababin,

Generally w-2 is needed for the loan application. If you cannot provide W2, you can use a notarized letter from his company or pay stubs as proof of income. But it depends upon the lender whether he will approve it or not. You may need to produce your lender a Verification of Employment also.

Thanks,
Larry

the standard is as follows: a written verification of employment from the employer (using a standard form issued by the lender) is sufficient to qualify income, thereby eliminating the need for either a paystub or w2.

one question - since the issuance of a w2 is federally mandated, how did you gather the information needed to do your tax return?

I second the last question... how did he file his taxes then? Did he get a 1099?...

You can usually provide 1 of a few different items to satisfy income verification... ordered from better to worse
1. w-2
2. tax returns
3. bank statements
4. a written letter from employer
5. a verbal verification from employer
6. nothing (this is considered a no doc loan)

You can also try for a stated income loan where you simply state how much you make. In that case and with a no doc loan be prepared to pay higher fees and interest.

Yes, stated income loans can be the right choice but one has to get prepared to pay thousands of dollars in high interest payments.

Liasaben, just in case you need some more details on Stated income loans, please refer to a previous discussion on such loans.

Where is the property located maybe I can help. Please goto myezloanquote.com and fill out an online application. I'll tell you right away if I can help you or not.

Best regards,

Joe

need home loan for 175000 have good income but no w2

[Phone number deleted as per forum rules. Thanks.]

If you do not have the W2 form, it means that your income is not being reported to the IRS. Thus, you do not have an income proof. In that case, it would be difficult for you to qualify for a loan.

An example of someone who doesn't have a W-2 but makes good income would be someone who is self-employed, in that case the tax returns substitute for the W-2.

Your husband's company didn't provide him with a W-2 but there should be some other proof of income. You can contact the IRS and request, for a nominal fee, your previous year(s) tax filings. That should contain sufficient documentation for most lenders.

I have no W2, as I work for a Chinese company in China.
My credit scores are 790 - 810. my gross income for 2012 was $106k. All my taxes are properly filed with the IRS. can I get a traditional loan?

Hi CR Burch!

Welcome to the forums!

Though you have excellent credit scores, you have mentioned that you do not have W2 statements. In such a situation, it will be difficult for you to get a traditional loan.

Feel free to ask if you've further queries.

Sussane

Before you apply for a loan, make sure you find out from the lender whether or not he accepts notazied letter from the company. In most of the cases, the lender may ask for W2s along with your pay stub.