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Can I get a mortgage loan with only one year's W-2's?

I only have one year's W-2's. However, I have a cosinger, my father-in-law, who has an 800 credit score. I have a credit score around 700, and I also have a good debt to income ratio (the only debt I have is an $1800 deferred student loan). Is the W-2 going to be a deal breaker? by mappleton from Fenton, Michigan. Jul 6th 2011 Reply


Steve Sexton (steve@1800valoans.com)
#37 ranked lender in Washington - 23 contributions

A lot of it depends upon the loan program you are trying to qualify under. 2 years W-2s is not a deal breaker. As an example, if you were in school for some time and now have a job in that field, the time in school would count towards your 2 years. It is not a deal breaker. Good luck, and let me kow if you have any other questions.Steve Sextonsteve@1800valoans.com877-376-0223

Jul 6th 2011
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Angelo Datseris (Angelo Datseris)
#2 ranked lender in North Carolina - 22 contributions

No that shouldn't be a problem. We should be able to take care of that for you. You can call me at 704-507-2479 or email me at angelo@lendwithleverage.com

Jul 6th 2011
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MIKE CONVIN (mconvin)
#6 ranked lender in Delaware - 202 contributions

hi there: If your dad will not occupy the property, you can use him as a non-occupant on the application...I know Freddie allows non-occupant...FHA allows that too....when the system comes back for a decision it will state if 2 yrs of w'2s are required sometimes no depend on strength of file. Worse if you come across an issue I can get an exception from my u/writer or take it to my private investors which will be no issue and can go up to 100% depending on if there is equity in the home upon appraisal completed. (Mike 703 505 5300)

Jul 6th 2011
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James Barath (JamesBarath)
#10 ranked lender in Indiana - 351 contributions

Hi Mappleton. Not having 2 consecutive years of W-2s will be alright if you recently graduated and are employed in a occupation that corresponds to your college degree. In regards to have a non-occupant co-borrower (i.e. your father-in-law) on a loan application, an FHA insured home loan is your only option even with those FICO scores. Be advised that your personal debt-to-income ratio will still be evaluated as well as the total combined debt-to-income ratio with your father-in-law's income, debt and assets. Having a co-signer on a home loan is different than an auto or personal loan. Hope that helps you on your home buyer journey. James @ GVC Mortgage, Inc

Jul 6th 2011
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

If you were in school or self employed prior, you'll be OK. If you were not a student & not employed, you may have issues depending on the length of gap of employment.

Jul 6th 2011
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John Schweer (johnschweer)
#11 ranked lender in Missouri - 163 contributions

Not a problem, depending on your profile the father in law may not be required..... As a bank we can get loans approved with out any w-2's.

Jul 8th 2011
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