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UAMC Mortgage and W2 only program

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Anonymous
Not applicable

UAMC Mortgage and W2 only program

We signed a contract on a new Lennar home and between my wife and I the median credit score was 680 (mine). I have income in the $100,000+ range and she has income over $78,000, both as W2 for all of 2015 and still in 2016.

 

At the end of 2014 she decided to close her business because we wanted to move to Texas; thus, she wasn't W2 in 2014, I was with an income right at the tip of $100,000. Now, my accountant has filed an extension for both my 2014 and 2015 taxes, he was going to just do them together as he wanted to roll up the final taxes all at once. I thought he would have it done by April 15th, but he got slammed and continued with an extension on our taxes for 2014 and 2015 tax years. 

 

So, as it stands now, there is "no record" of taxes being filed in 2014 or 2015 because they've been extended. It appears because my wife didn't have W2 income in 2014, but did in all of 2015 until now, it can still pose a small issue. We're also 100% sure we will end up owing the IRS, as I almost never get a return anyways, but we're likely not going to be able to file taxes until our accountant can get back to proper health to do them. The loan officer at UAMC said he could just use the W2s on a W2 only program, which is all news to me.

 

So with that in mind, how would this W2 program work in our situation? Our gross income is at $15,500/mth and total debt per month is $1776/mth. The loan we're looking for is $159,225 and I was really wanting a 15 year mortgage instead of 30. Any suggestions? Help? Need more details? Any advice/help/pointers are appreciated.

3 REPLIES 3
ShanetheMortgageMan
Super Contributor

Re: UAMC Mortgage and W2 only program

With the W-2 only program, the lender just verifies W-2 transcripts.  I am not sure if not filing your 2014 taxes would impact that, as the extension to file your 2014's has elapsed.  2015 taxes do not have to be filed until the extension deadline this October.

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Message 2 of 4
thuongnguyen9
New Visitor

Re: UAMC Mortgage and W2 only program

Just Curious what the outcome for your situation was? Did you ever close your mortgage on a w2 only program? I'm looking to do the same thing. Please let me know your outcome and expeirience. 

Thanks!

Message 3 of 4
Anonymous
Not applicable

Re: UAMC Mortgage and W2 only program

You may want to start a new thread and post your question there because the likelihood of getting a response from this poster is very slim to none being that they have logged in in a year. Good luck!

Message 4 of 4
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