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Updated over 7 years ago,
UUGGHH! W2 buyers denied loans due to business losses
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!