Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago,

User Stats

87
Posts
27
Votes
Patricia Joseph
  • Realtor
  • Atlanta, GA
27
Votes |
87
Posts

UUGGHH! W2 buyers denied loans due to business losses

Patricia Joseph
  • Realtor
  • Atlanta, GA
Posted

I'm a real estate agent in Georgia. In the last few weeks, I've had 2 potential buyers, both with steady income, denied mortgage financing due to them reporting business losses on their tax returns. After deducting losses from income, lender approved 1 buyer for $90,000. which, with the low inventory, will not buy you a decent property in the suburbs of Atlanta. The other buyer had better credit and lender wouldn't approve a W2-only mortgage. Outcome: lender said both have to wait until next year after tax filing and show no business losses. Is it worth pursuing other lenders and finding alternatives for getting them financing now? Any advice would be helpful!

Loading replies...