My son is interested in buying a home. He has the down payment, the credit and the income. He doesn't have 2 years W2 statements. Is this?

Asked by Jd, Coeur D Alene, ID Thu Jul 12, 2012

possible?

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Marla McWill…, Agent, Coeur d Alene, ID
Fri Oct 12, 2012
A great question for your favorite bank or lender.

I have seen one year income used as 2 years if it's substantial income. In other words, the lender took the one year, divided it in half & counted it as 2 years. Again, a person must have a high enough income to make this possible.

Good luck with the "house hunt"!!

At YOUR service...
0 votes
Jim Paulson, Agent, Boise, ID
Fri Jul 13, 2012
There are lots of programs out there for first time home buyer's that work around traditional issues. For example years in school that might apply towards his work, etc. There are a lot of criteria that go into loan approval and two years on the job (or similar line of work) is a guideline, not a requirement for some loans.

Hope that helps!

Jim Paulson
Owner / Broker - Progressive Realty Corporation
0 votes
Renee' & Matt…, Agent, Coeur d Alene, ID
Thu Jul 12, 2012
Hi! Great question for a lender! If you or your son could call or email me I could recommend a couple of lenders who could answer your question. Then when he is ready to buy a home & he is not working with a Realtor give me a call to talk about that home he is wanting to buy!

Renee' Mullen Realtor
Keller Williams Realty CDA
208-699-9252
E-TeamMullenSellsHomes@gmail.com
Website: http://www.TeamMullenSellsHomes.com

~Turning Dreams Into Keys!~
0 votes
Steve Carlsen, , Coeur D Alene, ID
Thu Jul 12, 2012
We can help him obtain the 2 years of W-2's if he is not able to locate them. Does he receive salary or hourly wage? Has he been on his current job or the same line of work for the last 2 years?

Steve
0 votes
Shane Greenf…, Agent, Coeur d Alene, ID
Thu Jul 12, 2012
Very well could be. If you have him call me at 208.640.1269 I can talk with him and guide him to some good people who can help!
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more