Home Buying in 91381>Question Details

 Mizan, Real Estate Pro in 91381, CA

do the lenders need the original copy of W2 or the tax return showing the income would be enough?

Asked by Mizan, 91381, CA Fri Oct 2, 2009

Before I talk to any lenders I am collecting all the necessary papers. I know the lenders aks for W2 of the last two years. I misplaced my last W2 and wondering if the tax-return showing the income would be ok for the lenders.

Help the community by answering this question:


Lenders need the tax returns as well as the W-2s. It would greatly assist your case if you had the pay stubs for 2008. However,If you are continuing in the same employment that you had in 2007 and only the W-2 for 2008 is missing, ask the lender to get an override from the underwriter and you should be fine.

Bob Khalsa
United America Realty
1 vote Thank Flag Link Fri Oct 2, 2009

Today, lenders and banks are requiring more documentation for loan approvals than they have ever had in the past. The amount and types of documentation depend on the type of loan or program that you are seeking. However, in general, copies of W2s are necessary along with paystubs and account statements.

If you have misplaced your W2 copies, you have some choices for getting a replacement. The quickest and easiest means (also should be free) is to contact your employer or former employer. Also, the IRS can send of a complete copy of your old tax returns (which include a copy of your W2) for a fee, and this can take a long time to receive.

Good luck with your property search and getting a loan! Should you need any help on finding a qualified lender or you want to search for properties, you can visit my website below.

Web Reference: http://www.redbrickprop.com
1 vote Thank Flag Link Fri Oct 2, 2009
Yes, that can work although you could ask the employer for their copy to help you out because depending on what type of tax deferred deductions you have your w-2 could show more than what shows on the tax returns.

Any further lending questions, let me know.

Good luck
1 vote Thank Flag Link Fri Oct 2, 2009
Probably just as easy to ask your employer to give you a copy of the missing year's W-2.
0 votes Thank Flag Link Thu Feb 27, 2014
as of 2013 lender only require w2 and not the tax return when your income is from W2. if you have 1099 or other income they will need the tax returns. Many direct lenders are still requiring the tax returns so go to a broker to get around this.
0 votes Thank Flag Link Thu Feb 27, 2014
I would ask your employer for a copy. Do you have your last paystub for that year? If so, that paystub would contain the information the lender needs. Keep in mind, lenders are very conservative so usually they stick to their guidelines on what documentation they need. If you have all the correct paperwork, you loan should be a smooth transaction.

My recommendation is that you speak with a lender so you know exactly the amount you qualify for, know your debt ratios, credit history, reserves required, downpayment, etc. before you go through the hassle of hunting down paperwork.

Call me at (661) 255-3335 or email me and I will provide you a list of documentation needed. No obligation.

Cheryl Garner, Mortgage Expert
Fairview Mortgage Capital, Inc.
Web Reference: http://www.cherylgarner.com
0 votes Thank Flag Link Wed Nov 17, 2010
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