How can I become approved for a loan?

[Michael Macaluso]

Hey everyone!

I’ve hit a bump in the road on my goal to my first property. I’m having trouble figuring out how to become approved for a loan. My current situation is I’m a bartender who makes 45-50k a year roughly. I hear lenders usually look for 2 years of W-2s.

My problem is on my last W-2 I was claimed of making 20k. My plan was to claim my full amount this year of 50k. The lender told me he would take both years and combine them which would put me around 35k. Which leaves me with low buying power for my first deal and about 6k in tax returns I would have to pay.

I have an idea to talk to my boss about changing my job title to an assistant manager which then the salary could be used immediately. But that’s about all I could come up with.

My question is, is there a better way to become approved for a conventional loan?

Thank you!

[Christopher Beahm]

Hi Michael, 

Ask you lender to submit your automated underwriting findings to Freddie Mac rather than Fannie Mae. Lots of times Freddie will approve the file only asking for 1 year returns rather the 2. 

I'm happy to help if you have further questions. 

Best of luck!