Home Buying in 60660>Question Details

Annnka, Home Buyer in 60660

Hello! do they really check w-2 forms when buying a property?or they just need to see it for paperwork?

Asked by Annnka, 60660 Tue Sep 14, 2010

Help the community by answering this question:


Lenders really don't do very much investigating of a W2 specifically - we will check a few spost to make sure that the W2 isn't fraudulent. What most are doing, however, is pulling tax transcripts, prior to closing, from the IRS to verify that the income listed on the W2 matches what is filed and accepted by the IRS.

I hope this answers your question. Please feel free to contact me if you would like further clarification.
1 vote Thank Flag Link Mon Sep 20, 2010
Hi Annnka, yes, they really do. Right now the lending market is causing lenders to be very strict about everything -- including double checking that you are actually employed, verifying numbers, etc. Lenders will check all sorts of other things too, depending on what your financial situation is -- even your spouses if you are married. My advice would be to give the lender everything they ask for: it will make the situation go more smoothly and quickly.

Caroline Choi
Broker Associate/EcoBroker Certified
1 vote Thank Flag Link Mon Sep 20, 2010
They do now! Yes, buyers do have to qualify and prove it. Thank goodness!
1 vote Thank Flag Link Mon Sep 20, 2010
Today's lender possibly more than at any other time has very strict guidelines they must adhere to and verifying income is one that is most definately high on the list and is checked multiple times. If your interested in speaking with a lender that can assist, please feel free to contact me lender for any help.

Guaranteed Rate - Erin Stojakovic ph:773-220-9094. She is a great lender and knows the business extremely well. Give her a call and let her know I suggested she contact you!

Web Reference: http://www.advantageil.com
1 vote Thank Flag Link Mon Sep 20, 2010
The previous postings all confirm how income is checked upfront from W2s, recent paystubs and executing the 4506-T. There is also a verification of employment before closing and funding.
1 vote Thank Flag Link Sat Sep 18, 2010
I agree
Flag Mon Feb 2, 2015
Yes your w2 is checked and the information is rechecked and reverified up to and sometimes during the day od your closing.
1 vote Thank Flag Link Wed Sep 15, 2010
How is the W2 checked ? IS this done without my consent ?
Flag Thu May 26, 2016
They"ll have you sign form 4506 and check with the IRS if your tax return is true. No more "no doc" deals.
For more info call me 773-936-5023.
1 vote Thank Flag Link Wed Sep 15, 2010
LOL - does everyone get it now?! I like to joke that next they will want to take DNA samples... good luck!
1 vote Thank Flag Link Wed Sep 15, 2010
yes. They check it all and check again right before closing.
Web Reference: http://www.markmalave.com
1 vote Thank Flag Link Tue Sep 14, 2010
On top of checking your W2, they have you sign a form called a form called a 4506T which allows the lender to obtain a copy of your taxes directly from the IRS. The lax requirements of a few years ago are gone and replaced by very strictly enforced guidelines underwriters use to make sure everything lines up.
1 vote Thank Flag Link Tue Sep 14, 2010
They check everything w-2's, tax returns, they actually make sure the person is truly qualified to purchase the home.

Simir Shah
1 vote Thank Flag Link Tue Sep 14, 2010
They check E-V-E-R-Y-T-H-I-N-G and they check it 2-4 times right up until the day of closing at times. They question the appraisal. They question all sorts of things. It's just the opposite from the 'bubble years' that they helped create when 'all you needed to get a mortgage was a pulse'.

1 vote Thank Flag Link Tue Sep 14, 2010
They check, W2's, taxes and/or tax transcripts. Those fun stated income loan are a thing of the past, sorry.
1 vote Thank Flag Link Tue Sep 14, 2010
Hi Annnka,

Lenders will definitely check your W2 forms. They will double and triple check anything and everything they can. You have to be approved for a loan before, during, and up to the day you close on a property.

Good luck with everything!

Cherrie Catama
1 vote Thank Flag Link Tue Sep 14, 2010
Yes, lenders will require to SEE your W2 documents as well as tax returns and other pertinent forms. The days are gone when income verification was completed by what the customer verbally gave to the lender!
0 votes Thank Flag Link Sat Feb 21, 2015
of course they check it. How would you feel about lending someone thousands and thousands of dollars without any verification that the person you lent it to actually has the ability to repay you? I bet you would want to check them out thoroughly.
0 votes Thank Flag Link Sat Feb 21, 2015
Be prepared to give any and all financial information to a lender.
0 votes Thank Flag Link Sat Feb 21, 2015
Yes they do and if they don't they should. Is there a reason this question came up? A problem that the w-2 may cause?
0 votes Thank Flag Link Sat Feb 21, 2015
Hi Annnka! Yes they do check the W2 Forms when buying a property. Did you know that you can find blank and fillable W-2 forms at PDFfiller. http://goo.gl/b1pDHi
You can also find form 4506 here http://goo.gl/AbGprI
You can fill the text fields, add a variety of checkmarks, digitally sign the form and even add pictures. After your pdf form is completed, it can be printed, emailed, faxed or saved on your computer. You can even send fillable pdf forms to your customers, employees, vendors and partners.
0 votes Thank Flag Link Wed Apr 2, 2014
Hello Annka,

If you are buying a home and using lender financing, they sure will check your W-2.

They will also want bank statements, a credit report , verification of all sources of income,and in some cases tax returns going back two or more years.

Best of Luck to You,

Kawain Payne, Realtor
0 votes Thank Flag Link Sun Jun 10, 2012
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