Can I get approved for a loan without all the requirements being met ?

Asked by Claudia1981, Los Angeles, CA Mon May 4, 2009

I noticed on a application from a lender it asks for 2 years of W-2's and tax returns and also 2 years employment...I have only been at my job for 1 year next month and last year I wasnt working so I didnt file for taxes...I am receiving funds from a workers comp case so I was survivng but now am worried that this might hurt me when I'm trying to purchase a home. Also I am financing a car and have about 15 months left to pay off that loan I was wondering if it was true that if there is less than 10 months left its not included in the debt to ratio? If so would it be wise to pay off the 5 months to bring it to the 10 would this increase the amount that I would qualify for? Any and all advice will be greatly appreciated Thank you in advance!

Help the community by answering this question:

+ web reference
Web reference:


M.D.J, , Los Angeles, CA
Mon May 4, 2009
Yes, you can pay down the car balance to 10 months and it would not be included as a debt. The one year employment is really your biggest hurdle from what you have mentioned. More answers are needed so feel free to contact me if you like regarding financing and getting a home loan if you like.

Good luck to you..
1 vote
Marty S, , Irvine, CA
Tue May 5, 2009
A good letter of explaination should explain the job history. Disibility income is non taxable in most cases, so you should be set.

I am a loan officer. If I can be of service, please lte me know!

1 vote
Dyanna, , California
Mon May 4, 2009
Hello Claudia. If you have only been working for 1 year you will just have to explain what and how your means were for the previous year. If you can show you were on workers comp then I don't see a problem.

You should try to get pre-approved now and find out what you qualify for, maybe it falls in line with what you want to pay in mortgage.

Are you working with an agent? That should be your first step that way your agent can guide you through the process. I would like to see you go with a direct lender, rather than a broker, you tend to pay less fees. If you need any help please feel free to call me or e-mail me.

Good Luck,
1 vote
Search Advice
Ask our community a question
Financing in Whittier Zip Codes

Email me when…

Learn more