Buying a house in AZ

[Rapha85 6]

Hello,

I moved here over a year ago (USA, AZ). I have a good income and creditscore. However, I tried to get pre approved by a lender to buy a home, but since I only have 1 ww2 for now, they said they don't want to go forward. The lender said they need 2 w2's. Is this true? I'm very dissapointed. Is there another way or do I really have to wait another year? Home prices are sky rocketing so I don't want to wait too much longer. My wife currently doesn't have a job, so I'm the main bread winner and really want to buy a home (not cash, and not 20% down). 

Thanks for you help

[Crazy Cat 42,032]

Every lender has its own criteria.  I would suggest shopping around with other lenders. 

Edited March 16, 2021 by Lucky Cat

[Marieke H 2,521]

Generally, lenders want to see at least 2 years of work history. When my husband and I went through the pre-approval process, the lender we ended up working with was willing to include my work history in the Netherlands. So definitely shop around, explain your situation, and see if they can work with you.

[YecaCruz 379]

If you are looking to buy with a program like 1st-time home buyers program etc. there will be specific requirements as mentioned above. As others have also mentioned you should shop around.

[Rapha85 6]

Well, I’m also from the Netherlands lol, what a coincidence. And they included my work history from there as well. They did a hard inquiry on my credit, and then afterwards told me that they really need two w2’s from within the usa. They should have told me that prior of running my credit, causing it to go down a little. That’s why I want to be sure with the next lender. They made it sound like that every lender is requiring two w2’s. I will make some more phone calls. Thanks  

[Marieke H 2,521]

I only had one W2 at the time, but it probably helped that my husband did have 2. Even if your wife is currently not working, it might help if you try to get pre-approved together? For us, the combination of my short work history in the US with pretty good pay and my husband's longer work history got us pre-approved. So if your wife just recently stopped working you might need to consider adding her to the application anyway.

And yes, it sucks when they run your credit and afterwards tell you that they can't approve you with the documents you are able to provide... I have had that happen several times.

[Coco8 1,042]

It's hard because of this credit score and credit history thing. I was told that having a history of having had loans was necessary. It's kind of ridiculous because it means you need a loan to get a loan. Even with an 800 credit score, a good job, having paid my credit card on time for 7 years, I got denied for a car loan LOL I ended up finding a place that would give me the loan, but I was furious.

 

Like someone else said, look into first time home buyers. Also, I don't know about this, but  maybe if your wife has a good credit history, having her involved could help, even if she does not have a job right now.

Edited March 16, 2021 by Coco8

[VeVe 76]

You will not get anymore hits on your credit if it is within 30 days from the last time your credit was pulled for buying a home.