Tag Archive for: tax returns

Proving Taxes Are Real & Filed; IRS Form 4506-C

Mortgage lenders are required to get the last two years of tax returns for almost every borrower – and then prove that the tax returns are authentic and actually filed […]Read More

“I’m Having My Best Year Ever; Why Don’t I Qualify?” “What Are My Options?”

The title of this blog is a lament we hear all too often from self-employed borrowers, and last week was no exception, as we received an email that said exactly […]Read More

Qualifying The Self-Employed – The Good, The Bad, & The Ugly

Self-employed borrowers can still qualify for mortgage financing, and in some ways they actually have advantages. THE GOOD Self-employed borrowers qualify with previous years’ tax returns, which fortunately will not […]Read More

Lenders Often Don’t Need Tax Returns

It is a common misconception that lenders always need two years of tax returns for income verification. They don’t. If borrowers are “W2 Wage Earners” only, with no self-employment or […]Read More

Three Important Tax Filing Tips for Homebuyers

With Tax Season upon us, I want to share a few reminders: If income is lower this year, self-employed borrowers might want to file an extension instead of filing tax […]Read More

When Buyers Need to File Taxes Early?

In Monday’s Blog, I explained why buyers often do not need to file 2018 tax returns until October. But there is one case when buyers should file taxes as soon […]Read More

Deadline to File Returns Approaching; Advice to Borrowers Making Offers

It’s that time of the year again! We are approaching October 15th, which is the deadline to file 2016 taxes with the IRS if you previously requested an extension. This […]Read More

Income Taxes Owed Must Be Paid; Or Payment Plan Set Up

We have to review every borrower’s tax return. And, every time we see a tax liability owed on a tax return, we need proof (a canceled check, a receipt from […]Read More

Need Income History No Matter How Well Doing Currently

We often have self-employed borrowers come to us who are rolling in profits and cash, with perfect credit and everything else a good borrower needs. BUT, they do not qualify […]Read More

Tweaking Tax Returns for More Income to Qualify; It’s That Time

Self-employed borrowers can tweak their tax returns to qualify for mortgage financing. A contractor called us this morning to qualify for mortgage financing. His gross revenue last year was $400,000. […]Read More

Beware of “2106” Expenses; Lenders Must Do Full Pre-Approval

This is a reminder to watch for “2106 expenses” buried in tax returns. It is also why lenders MUST do a thorough pre-approval for all borrowers, as opposed to a […]Read More

Beware of “2106 Expenses” and Rookie Loan Officers

2106 Expenses are expenses that salaried/W2 employees can take against their income if the expenses are considered “trade or business related.” These expenses can include items for cars, cell phones, […]Read More