07-23-2012 09:20 AM
I have another question out there but this is more concise.
Should there be any issue with me getting a loan when I am a w-2 Employee with a business that was recently sold to my family (100% assets are going to be my husbands).
For 5 years, I was w-2 under the former owner (he passed away earlier this year), and I will continue to be w-2 under the family owned business part as well (approx 3 mo under our ownership). I will be the only one on the loan, not my husband.
07-24-2012 10:01 AM - last edited on 07-24-2012 07:54 PM by MarineVietVet
That should not be a problem as long as we can document employment with your W2's and probably a letter of explanation. Mod Cut
07-24-2012 10:05 AM
Thanks Bart - I may do just that.
I did get preapproved with BOA (which was required to go thru the offer process as it was a bank owned property), but I have a feeling if it went through underwriting it would get stuck. We have plenty of funding and I even have $50K in outstanding monies to the new organization. w-2s averaged $150K for past 2 years. I just hope someone can see that I'm good for it but I understand the cause for concern.
Will see if we get accepted on the offer, and will absolutely message you. Thank you for reaching out.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO