What else can we use besides a W-2?

Lender rules require we look at the past two years of DOCUMENTABLE income. When it comes to self-employed income, you must provide two years Federal Tax Returns, so we can income average that income. While it was a mistake in this case to not file, I really don't think it matters very much because there really wasn't much income. If you want to qualify for a larger loan, you'll have to wait until after he files his 2011 tax return.

Hello,With today's strict underwriting guidelines you must provide a 2 year history to support self employed income or 1099 income. The numbers must be supported by tax returns. The lender will also pull a 4506-T (request for a copy of tax transcript) prior to underwriting and that must match up to the tax returns you submit with the loan application.Even if your fiance' reported the $80 K on his income taxes it would not help you since he would not have a 2 year history. You have 2 options. Have your fiance' file an amended tax return for 2009 and then in October 2011 he will have a 2 year history supported by tax returns or wait till January 2012 and he will have a 2 year history. You will also need a current year to date Profit & Loss statement.Please make sure you are having your taxes done by a CPA. This is not mandatory but is extremely helpful and adds credibility to support self employed income.If you prefer not to deal with traditional bank financing there are some private money options available to you. There are also some asset and stock portfolio loans available if you have significant assets or savings.Hope that helps.Regards,Jeff CostENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and Strategic Partners.Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710#!/pages/ENG-Lending-Cincinnati/171183536269710?sk=walOr Call Anytime 513-403-6260