Qualifying W2 Only Income Mortgages
This BLOG On Qualifying W2 Only Income Mortgages Was Written By Gustan Cho NMLS 873293
Borrowers can now qualify for W2 Only Income Mortgages with The Gustan Cho Team at CrossCountry Mortgage. Borrowers do not need income tax transcripts (1040’s) if you are applying for FHA Loans and VA Loans and if you are a W2 Income Employee. Here are the W2 Only Income Mortgages Guidelines:
- Do not need tax transcripts (1040’s) for FHA & VA loans, if you are a W-2 employee.
- FHA & VA Loans no longer requires a full income tax transcripts (4506-T) to be done if you are a W-2 employee.
- This rules is not effective and doesn’t apply if the borrowers are self employed or more than 25% of the borrower’s income is commissioned and/or self employment income.
Advantages Of Qualifying W2 Only Income Mortgages
Qualifying W2 Only Income Mortgages is advantageous for mortgage borrowers who are purchasing a home or refinancing their current home where their income tax returns show losses due to un-reimbursed employee expenses which are shown on income tax for 2106. Advantages of qualifying W2 Only Income Mortgages is also for borrowers who have self employment losses on their schedule C of their income tax returns and which this loss is not their primary source of income.
Un-Reimbursed Employee Expenses And W2 Only Income Mortgages
Borrowers who have un-reimbursed employee expenses on their income tax returns are workers who need to purchase their own work uniforms. Examples of such employees are the following:
- Police Officers
- Fire Fighters
- Bus drivers
- Truck drivers
- Other workers who need to purchase their uniforms for work
Borrowers who also need to purchase tools and equipment for their work normally have un-reimbursed employee expenses. Examples are the following:
- Police officers need to purchase their guns and ammunition and work gear
- Plumbers and electricians need to purchase tools and equipment for work
- Mechanics need to purchase tools and equipment for work
- This will also help borrowers who have part time self employment income show losses.
- This new tax mortgage rule, the lender only needs to verify and confirm your 4506-T, your @3s, and your 1099 income.
How Can I Qualify For W2 Only Income Loans
Here are the how you can qualify for W2 Only Income Home Loans:
- FHA Allows W2 Only Income Loans
- VA Allows W2 Only Income Loans
- Fannie Mae Allows W2 Only Income Loans
- Freddie Mac does not allow W2 Only Income Loans
W2 Only Income Mortgages gives borrowers who have a lot of un-reimbursed expenses the opportunity to qualify for a mortgage loan. However, there are rules and restrictions on how you can qualify for W2 Only Income Mortgages. You cannot have a full time self employed business and cannot own 25% or more of a business that you own even though you are a W2 wage earner from your own business. You cannot have rental income. Gustan Cho and The Gustan Cho Team at CrossCountry Mortgage are expert in W2 Only Income Mortgages. If you want to know more about our W2 Only Income Mortgages and see if you can qualify for it, you can contact Gustan Cho at 262-878-1965 or text Gustan Cho on his cell at 262-716-8151 for faster response. We are available 7 days a week, evenings, weekends, and holidays. CrossCountry Mortgage NMLS 3029 is a 5 star national direct mortgage lender licensed in 50 states.