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Movement of Change – Industries

Tax Season is Over

As the IRS filing date for your 2012 Tax returns has come and gone, many lenders are still making it a condition for the future homebuyer to show proof of their Tax Return status. This means that even if you have filed an extension, you are not exempt to your lender for explaining your status.

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Full Documentation

As stated in earlier blog posts, all mortgage lenders have to follow strict guidelines on income, credit, debt and qualifying standards. Your 2012 income is being used as a qualifying income, and that income is very important to verify in order to qualify for a loan. Without a filed 2012 Tax Return, you leave the discretion of that lender to determine your, year-to-date income qualifications. This especially hurts the small, self-employed business
owner who wants to buy a home. Depending on the history of having a large p0rtion of business expense write offs, (also known as 2106 expenses), you may not qualify for a loan until those 2012 returns are filed and registered with
the IRS.

Tax Time 2

Resolution

If you have currently filed a 2012 Tax Return extension and you are looking to buy a home or refinance an existing mortgage, do yourself a favor and notify your Loan Officer immediately so they can find out what their current guidelines require you to do. In some cases, your lender may only ask for a brief explanation and a letter from your CPA. In other cases, you may have delay your mortgage process until the 2012 returns have been filed.

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Got Questions?

If you think you fall into any these categories, don’t hesitate to contact me, your “Loan Officer 911” and have me evaluate your loan qualifications. My email: RJ@LoanOfficer911