Going out for a joint mortgage

[BridgetM]

He actually he has his 2009 stuff taken care of. The issue we're bumping into is the extended-but-as-of-yet unfiled 2008 taxes in which he might not have a W-2 because he did not take any income.

[ShanetheMortgageMan]

Ah, I see, I didn't quite understand, I thought he had 08's but not 09's, yes at this point 08's have had to been filed for underwriting to be OK with it.  If he's self-employed he wouldn't have any W-2'd income though, no?  He'd just be claiming whatever income on his Schedule C's.

[BridgetM]

Ah, it's my turn to clarify. He is self-employed in the fact that he is the only employee of his own company. He does still get W-2s (we have them for 2007 and 2009) but he took no salary in 2008 and therefore won't have a W-2 for that year.

I guess, to cut to the chase, are there any options for us that would have both of us on the mortgage but without him going through such rigid scrutiny? I gross about $5,200 a month in W-2 reportable salary. I also get another $5,200 each month in per diem (although the mortgage guy wasn't sure how to handle that income since it's listed as "reimbursements" on my check every two weeks and therefore left it off).

[ShanetheMortgageMan]

I see, so it appears owns a corporation of some sort, well did he file his corporate returns?  If he had no personal income that year, and it was all made through the corporation, then the corporate tax returns would be needed and past year's personal tax returns would need to be reviewed (as well as 2009's) to see if there was any other non-W-2'd income that was made in 2007/2009, and if so, an underwriter may wonder why that income wasn't made in 2008/no personal returns filed in 2008.  If it was just W-2 income from his company in 2007/2009, and nothing else, then that increases the likelihood of an underwriting accepting him on the application.