First Time Buyer

tresa · Joined: 28 Aug 2008 Posts: 5 Location: MN

First time buyer here with a few questions

I was pre-approved for a loan and sent in my W2's last two paystubs, ect. I found a house, offer accepted, signed a purchase agreement, signed a document with the loan officer, accepted the terms of the HOA, got a closing notice from the Title company and then the loan officer needed my 2 years tax returns and another paycheck stub. Is this normal or should I be worried? My tax returns and my W-2's are identical and I will only be at 21% DTI. This is a FHA loan and my mid-score was only 642. The appraisal came back without any issues as well.

m2c · Joined: 03 Aug 2005 Posts: 764

A more up-to-date paystub is not unusual given the passage of time from the prior stub supplied. Two year tax returns is a bit unusual. Perhaps your area of employment is one that typically involves 2106 business expenses but with that DTI there's a lot of room.

Wouldn't be concerned.

tresa · Joined: 28 Aug 2008 Posts: 5 Location: MN

Well all I file is a typical tax return, I do work from home but I work for a real company that issues me a W-2. I do write off the office space in my house, the gas, electric, ect... for that square footage only as that is legal but other than that nothing special.

freddyb45 · Joined: 28 Aug 2008 Posts: 15

A lawyer or real estate agent should be able to help you with this, so don't be afraid to ask them for some advice.

tresa · Joined: 28 Aug 2008 Posts: 5 Location: MN

I found out today that my tax returns were fine, so what is next?

jtrenton · Joined: 12 Sep 2008 Posts: 10

freddyb45 wrote: A lawyer or real estate agent should be able to help you with this, so don't be afraid to ask them for some advice.

I agree, that is better to talk to a qualified professional instead of asking for advice here.

trishaltbr · Joined: 18 Sep 2008 Posts: 5

tresa wrote: First time buyer here with a few questions

I was pre-approved for a loan and sent in my W2's last two paystubs, ect. I found a house, offer accepted, signed a purchase agreement, signed a document with the loan officer, accepted the terms of the HOA, got a closing notice from the Title company and then the loan officer needed my 2 years tax returns and another paycheck stub. Is this normal or should I be worried? My tax returns and my W-2's are identical and I will only be at 21% DTI. This is a FHA loan and my mid-score was only 642. The appraisal came back without any issues as well.

Every important decision needs to be clearly thought out. Developing a home buying plan can help you focus on the important factors and organize the entire process. I agree with jtrenton, better to consult to a qualified professional instead of asking for advice in forums.