Profile picture for sscott123

Can I get a Pre-Approval letter without my tax returns or W2's?

My boyfriend and I are looking into buying a house but I don't have my W2's or tax returns bc my parents claimed me as a dependent, will I still be able to get a pre approval letter?
  • August 25 2011 - US
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Answers (8)

Asking for a true pre-approval without documentation is a bit like asking your doctor for a prescription without a thorough exam.

Even if you were able to obtain a pre-approval letter to attach to any offer you may submit, the reality is that (as stated earlier) the chances of getting that actual loan without verification of income are so slim that the deal itself most likely would fall through anyhow.

Get all of your ducks in a row as determined by your lender, THEN worry about pre-approval and your home search.  Your potential lender and your agent will thank you.
  • August 26 2011
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In theory (to both your questions) it shouldn't be a problem.  There may or may not be other issues, but the ones you mentioned should be something we can work with. 

  • August 25 2011
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Seriously, girlfriend and boyfrined buying a   house together..  Who is putting up the down payment?  .

David Cooper 
  • August 25 2011
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Profile picture for Ofe Polack
Hi sscott, you are better off discussing these issues with your lender, who probably has all your documentation, than with us in this forum.  One thing is clear, if your parents were supporting you and claiming you on their income tax returns, that means that you had contributed very little to your own support in the past years.  You may not have an IRS return but by all means if you worked, you will have W2s. The lender will know whether your past/present income will be used or only your boyfriend's.  You still can be on the deed, whether you are on the mortgage or not.  Have a word with your lender, until you understand all the issues.  The best of luck!!!! 
  • August 25 2011
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Profile picture for sscott123
I have been working (full time) since August of 2010 however my boyfriend has been working longer so I don't know if that makes a difference since technically I am the "co borrower"
  • August 25 2011
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Profile picture for B Mike West
When you apply for a loan you have to provide documentation to verify your financial situation.
 
How long have you been working?  If you have not been working in the same job, or at least the same field for two years or longer you stand little chance of qualifying.  However, you can start planning for a home purchase so that when you have enough work experience you will be ready.

You should be able to get past W-2's from your parents.  Two months pay stubbs and two or three months bank statements will be required as well.

Contact a local loan consultant and discuss your financial situation with them.  They will be able to point you in the right direction.

Good luck to you.

  • August 25 2011
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Profile picture for sscott123
Thank you for your answer, my next question is what if now I have sufficient income which is proved on my pay stubs and bank statements , I just didn't back when they filed due to the fact I am a recent college graduate.
  • August 25 2011
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Profile picture for wordsmth
Even if your parents claimed you as a dependent, you'd still have W2s (or 1099s) from any job you worked at. And lenders will know that, too.

Also, for you to be claimed on your parents' returns, your parents have to have provided more than half your support. And that means that you weren't providing a lot to begin with. Lenders will know that, too.

So I'm not sure that your income (what little of it there may be) would qualify for much of a loan anyway, so that prequalification amount will be awfully small. Check with a lender, but I'm guessing the two of you pretty much will have to rely on your boyfriend's income. 
  • August 25 2011
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