My wife and I want to start looking for a new house. The problem is, I have bad credit and some tax liens from a previous business. My wife has excellent credit and has a very good income. However she hasn't been back to work for very long (6 months).
What kind of documentation is required to get a mortgage? I'm worried that she'll need to produce previous years W2's during the mortgage process (which we do not have). I'd imagine pay stubs for the last six months are not going to do it. If we have to provide copies of tax returns, is my name being at the top going to effect anything?
Based on what you have admitted in your post IMO i would forget about trying to get a mortgage approved. Most everything is verified now days. If you have a bunch of money and you are willing to put at least 50% down on the purchase there "might" be a hard money lender out there will talk to you.
For an FHA mortgage, we had to produce 3 years of tax returns and W2's, 2 months of pay stubs and bank statements (checking, savings, ALL retirement accounts). They wouldn't count DH's part time job as income because he had only been there a year even though it was in the same line of work as his full time job. They want to be able to verify all income for at least 2 years.
I doubt you will get approved for anything if the tax liens haven't been taken care of either. DH had a judgment that was so old it wasn't even on his credit reports but we still had to settle it to get the mortgage approval. They do a public records search so it showed up there.
Penfed VA loan here. Tax records, paystubs, copies of checking accounts and retirement/savings.
My opinion is to not waste the time. You'll have better luck catching Big Foot.