Getting started without 2 yrs of w2's

11 Replies

I want to buy my 1st rental. I own a house already free and clear and i dont have the two years of w2s lenders are asking for. I have been working a year and my income isnt that high. Any suggestions on how to get a loan(s) to buy and scale.

Use commercial/portfolio loans instead of trying to get conventional Fannie/Freddie financing.

@Ray Day Hi Ray, get some different opinions from lenders. I was able to get a loan with only a years worth of w2s as i was a student prior to that and i didnt have a large amount down.

Originally posted by @Ray Day :

I want to buy my 1st rental. I own a house already free and clear and i dont have the two years of w2s lenders are asking for. I have been working a year and my income isnt that high. Any suggestions on how to get a loan(s) to buy and scale.

Depends on the loan size, but there are numerous portfolio lenders out there that don't require tax returns.  The rates are higher than conventional, but they close.

Keep the loan size to above 75% and above 75,000

Stephanie 

Originally posted by @Ray Day :

I want to buy my 1st rental. I own a house already free and clear and i dont have the two years of w2s lenders are asking for. I have been working a year and my income isnt that high. Any suggestions on how to get a loan(s) to buy and scale.

 Is this home your primary residence and what type of work did you do prior to this job?  Also, how much is the home worth.

Originally posted by @Ray Day :

@Shaun Weekesi did floors before im a cdl driver now. Its my primary residence. If i was to guess id say 60k

 If you have one year of w2s you should be able to do your loan with one year.  How long have you had your CDL for?