Funding a home purchase with no W2

[James H.]

Pretend you lost your job..


What if any loans are available for an individual with 20% of his purchase price+closings and reserve funds but no W2 income. Pretend you have been a real estate agent for under 2 years so showing two years of tax returns are not an option.

Would the right bank consider issuing a morgtage based on a newer part time job 30 hours+self employed income?

Thanks for your thoughts. 

[Shaun Weekes]

Originally posted by @James H.:

Pretend you lost your job..


What if any loans are available for an individual with 20% of his purchase price+closings and reserve funds but no W2 income. Pretend you have been a real estate agent for under 2 years so showing two years of tax returns are not an option.

Would the right bank consider issuing a morgtage based on a newer part time job 30 hours+self employed income?

Thanks for your thoughts. 

If you have had your RE license for over 2 years, then you most likely will qualify for a one-year tax return. Fannie and Freddie will approve this 99% of the time for self-employed borrowers. The key is 2 years of a license.