Major bank are not very proficient when it comes to mortgages. Their expertise is checking/saving accounts, CD's and credit cards. That were they make the substantial bulk of their money and truly excell at!
The issue is that you work for your husband and your co. (at least it sounds like it) temporarily shut down for 8 months until the new office was completed. Based on what you've shared, and if you've been a W2 employee to date, the solution is simple:
- 08 & 09 W2s
- Last 30 day paystubs
- LOX explaining the 8 month gap in your salary as being a temporary laid off.
This and a different lender, go to a mortgage broker or coorespondent direct lener, should do it.
I work for a direct lender with licensed and knowledgeable LO for FLorida that can assist you if you wish.
Ruby's answer was spot on. If you are an employee of the company and are paid via a w-2 income, you should not have a problem with a valid letter of explanation as to why your income was substantially less in 2010. The only problem I could foresee would be if you had any late payents report on your credit during that 8 month period. Other than that you should be fine. If you have not completed your purchase and are still actively looking, I'd be happy to assist you further. We are a national direct lender with exceptional rates and service second to none wth transactions closing in as little as 10 days and on average closing in 2 weeks.
Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800-930-7334 ext. 1108