My heart goes out to you. My oldest ds was hardly speaking at 2 yo either, in fact, he had not yet said "daddy". It nearly broke my heart. His hearing test did reveal fluid in his ears, but that was only a portion of the problem, as he was born very premature and just did not hit those milestones of development like other dc his age did. As the pp said, it's not so uncommon for 2 yo's to struggle with speech, so I just want to encourage you that it will come with time. However, we did feel like our ds needed extra help that we didn't know how to give. Our state has a "Birth to 3 Connections" program. If a child qualifies (which your ds would), a certified speech therapist comes to your home to work with the child 2-3 times a week, for 45 minutes sessions at a time. We had a wonderful lady (who I know was an answer to prayer), that was our ds's speech therapist. My sister had 1 ds that needed speech as well, and her ds also did the Birth to 3... program. It was free, too!
But I had gotten to the point where I would have paid even if it wasn't. Even just hearing how the speech therapist spoke to our ds, in a repetitive manner, stressing things in a certain way, was very helpful to me to do with him as well in the day to day. She taught him "dad' first.
You may want to ask your family doctor if your state has this program or one like it. As far as LHTH, if your heart is really leading you to be doing something with him now (as I know mine was when I was in that situation), you could start it, maybe half-speed, and just see how it goes. There would be no harm in that, as you could always set it aside to save for later if you wanted.
Here is a link where I described how we are going about doing LHTH half-speed in our home:
viewtopic.php?f=6&t=5600&p=41232#p41232
Our ds who had speech therapy for 2 years is now almost 11 yo and talks and reads like crazy! A person would never guess the struggles he had early on with speech. The only thing he still gets stumped on from time to time is pronouncing long unfamiliar words that don't follow phonics rules (usually names and places). If I model pronouncing them correctly, he can get it right, but it usually takes several tries.
Otherwise, no worries! So, be encouraged this is more than likely a stage that will pass!
In Christ,
Julie
His hearing eval was nearly perfect; he hears and obeys. We work daily with his speech skills, but get nothing. He does communicate through sign language, but nothing verbal.