Many files require the most recent year W-2 as part of the income documentation.  At this time, the 2024 W-2 would be the most recent year W-2, but most borrowers will not receive their 2024 W-2 until early February.

In lieu of waiting for the 2024 W-2 to be provided by their employer, we can accept the following alternative documents:

• Final pay stub from 2024 showing the earnings for the year.
  • For FHA loans, if the loan closes after January 31, FHA requires the 2024 W-2 to be in the file.

OR

• Fully executed Verification Of Employment completed by the employer or third party VOE showing the earnings for 2024.

Remember to follow the underwriter discretion product description, and/or guidelines to determine if the file requires 1- or 2-years W-2’s.

Also, keep in mind that a January paystub might not show a complete 30-day YTD earnings.  If a pay stub with 30 days YTD earnings is required in the file, the last pay stub from 2024 may also need to be provided to meet this requirement.