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Purchase a home without W2. But I have been employed as babysitter

Hello, I posted this question before but I am hoping to get help again. I have been babysitting for 7 years and my bank shows deposits of $2200/mo, every month for seven years. We also have $50K as down payment. However, I just got my green card and immigration papers. Can we buy a home with $50K down but no W2 for employment? They can check my bank balance for monthly income for 7 years. PLease advise, if I cannot currently, what should I do to be able to? by Ileana_412_345 from Stanton, California. Mar 8th 2012 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Well there's a lot of info missing... so I'll do my best.. Regarding $2200 per month income.. you don't' have to be a citizen to file tax returns, so you could back file for the last 2 years, wait for the tax returns to be processed by the IRS prior to your loan application. Try not to write off that much, because lenders look at your "Adjusted Gross Income" meaning, after all expenses.. if you make $2200 per month, but you write off $1000 per month, then the lenders will only consider the remaining $1200 as income.. Conventional and FHA lenders will need to see your bank statements, so the down payment money ($50K) has to be in there for at least 90 days. Lenders will not use bank statements as proof of income, only tax returns, w2's and or 1099's. There are some "Hard Money" lenders out there that will look at your bank statements as proof of income, however these types of loans are very expensive, meaning you will pay much higher interest rates, and much higher up front loan costs. Contact a local mortgage broker, not a bank, and apply with them.. they can look at your complete profile, and guide you to the right loan product for your particular scenario..

Mar 8th 2012
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,824 contributions

Mortgage loans today REQUIRE you provide acceptable proof of income to support making the payments. In the crazy days of we give loans to everyone a few years back, there were many programs where we used deposits in your bank account as proof of income. Those days are long gone. Sounds like you have been paid cash "off the grid" - which means you are not getting a paycheck and W2, or a 1099, and you are not reporting it as income. I suggest you get a normal job, or start properly reporting your income and paying taxes like the rest of us before the IRS catches up with you.

Mar 9th 2012
Sam Suliman (Sam Suliman)
#114 ranked lender in California - 2 contributions

Hello Ileana, in order to give you the right direction, and a good answer, I need to know how much of a monthly payment is affordable to you, In order to know how much of a purchase price we will be working with. We might have program that could apply to your situation, call me, I have more questions for you; we might be able to help. Email me at to get my number.

Mar 21st 2012
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