Home Buying in San Francisco>Question Details

kdnguyen, Home Buyer in San Francisco, CA

loan without w2

Asked by kdnguyen, San Francisco, CA Mon Jul 1, 2013

Im looking to purchase a property ~350-400K and willing to put down 40%. I wonder if it is possible to get a loan without W-2. Income is steady but low ~ 32K (after tax - its a PhD stipend so no W-2 is available). Thanks.

Help the community by answering this question:


It is possible if you are self-employed and then we will need tax returns. Call or email for a free pre-approval and free credit report.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Sat Oct 26, 2013
Everyday we speak to self-employed people here in California that are successful and have good credit but are routinely turned down by banks and brokers when applying for a loan to purchase or refinance their home.

The typical problem that self employed people run into is that they write off business expenses on their income taxes each year. It's a catch 22. If you write off most or all of your businesses expenses, it appears to a mortgage lender that your yearly net income isn't sufficient. On the other hand, if you do not claim many write offs for expenses, you immediately set yourself up for paying higher income taxes.

However, that no longer has to be an issue in your search for a home loan. We can now help locate specialized loan products tailor-made for self employed and high net asset clientele in California only.

We have access to new mortgage options such as:

1. 12 months of business or personal bank statements

2. 1 year tax returns (no more 2 year averaging)

3. Substantial assets

4. No income ratio for loans under 50% LTV

In the past, a majority of self employed people would simply seek out a stated loan in order to purchase or refinance property. After the housing and mortgage meltdown, many of these loan programs simply disappeared. Lenders soon became more stringent with their lending guidelines and it became subsequently harder for people who owned their own businesses to qualify for financing. Now that the real estate market is making its way back, a small number of lenders are now expanding their guidelines to become more attractive to certain buyers who have been neglected.

Give us a call at 800-598-9790 or visit http://www.selfemployedmortgageloans.com for more details.
0 votes Thank Flag Link Thu Jul 25, 2013
Kdnguyen - Looks like you have plenty of loan officers to choose from below. Contact me once you have the loan. Bidding on homes in this market is tricky and it will not cost you anything for my services.
0 votes Thank Flag Link Fri Jul 5, 2013
Hello Mr. Nguyen, I have a mortgage broker as part of my team that does make exceptions for no w-2, no tax return and the self employed. Please feel free to contact me at your earliest convenience.

Thank you!

Shelbie Butler, DRE 01902631
Better Homes & Gardens / MMRE
0 votes Thank Flag Link Tue Jul 2, 2013
Hello there again:

Pleas give me a call i am prety sure we can find a way to help you.
0 votes Thank Flag Link Tue Jul 2, 2013
Hello Sir:

If you are a foreign I have a program that might interst you, With this programs we use diferent guide lines to help foreign people buy a home pleas feel free to contact me

Edwin Mieles
Senior Loan Officer

Residential Finance
614.2754 Direct
614.324.4700 Ext 1561
877.224.7657 Fax
NMLS: 986881
0 votes Thank Flag Link Tue Jul 2, 2013
You can get a hard money loan pretty easily if it is not your primary residence. High points high fees balloon payments are things you will have to familiarize yourself with if you go that route.
You will also have to think about whether or not you can actually afford the payment at 32k per year take home you will be stretched to say the least.
If this is for a primary residence you would just wait until you have enough income to qualify conventionally.
Hope that helps.
0 votes Thank Flag Link Tue Jul 2, 2013

The vast majority of lenders with whom you'd want to work will require a combination of the items below in order to qualify your income. Without a consistent trend on these, you may find it difficult to get decent terms on your financing:

Current paystubs covering 30 days (if applicable).
Two most recent W-2 forms (if applicable).
Two most recent 1040 tax returns.
IRS 4506-T (tax return transcript form completed by lender).

If you have questions or would like to discuss things further, I am happy to help.

Rob Spinosa
0 votes Thank Flag Link Tue Jul 2, 2013
We can certainly help you out. Check us out at http://www.TheMortgageOutlet.com and give us a call. One of out loan officers will look at your situation and present you with some options
0 votes Thank Flag Link Mon Jul 1, 2013
That's going to be difficult, perhaps even inpossible. We have a wholesale loan product that allows the use of stated income for self employed business owners. Unfortunately, this loan product is only available in the NYC metropolitan area.

It's possible that a portfolio lender in the San Francisco area is offering such loans, but it's very unlikely. If you really want to buy, I suggest you let a Loan Officer review your income & credit docs and perhaps by bringing in a co-borrower, it'll help you qualify for the amount you're looking for.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Mon Jul 1, 2013
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