Without two years of tax returns to prove income to lenders, it can be difficult to finance a new home or refinance an existing mortgage. fortunately, that’s where no doc (or no document) loans come in, as well as a few other ways around this requirement.
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Mortgage companies do verify your tax returns to prevent fraudulent loan applications from sneaking through. Lenders request transcripts directly from the IRS, allowing no possibility for alteration.
How Tax Returns Affect Your Mortgage Application As it comes time to file a new federal income tax return, there are a few important items to keep in mind; specifically when it comes to obtaining a home loan.
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For example, if you have a relationship with a bank that knows your history and thinks you’re good for a loan, you might be able to secure a mortgage without meeting every standard requirement.
Take the steps to get preapproved so you don’t risk missing out on that house you’ve had your eye on. Getting preapproved for a mortgage is a crucial first step in landing a contract for that.
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Self Employed Mortgage Lender. If you’re going to finance your home purchase with traditional financing that is conforming to Fannie Mae and freddie mac guidelines you will be required to document your income from self-employment. In general Fannie Mae will want two years worth of tax returns to document your net income and prove business.
Don’t assume it will be harder to get approved Self-employed borrowers undergo the same process when they are applying for a mortgage as people with a wage or salary.
"A mortgage broker can’t underwrite or approve a loan," says Debra Killian, president of Charter Oak Lending Group. While a mortgage broker submits your application to a lender to underwrite.