My suggestion would be to put together a list of items that are required for the lenderĪnd give it to your clients day one everytime. You should always seek the counsel of a professional if you have questions regarding IRS tax laws and mortgage lending requirements. ** I am not a tax professional, attorney or mortgage lender. They will eventually make you comply with IRS rules and the penalties can be substantial. However, it does not destroy your chances for home ownership.Īnd remember: the IRS is a not an organization that you want to have on your tail. Your lender may require official transcripts of your tax return which can take up to six weeks to receive from the IRS. If you file your taxes now, you may still qualify for a loan. If you are someone who is contemplating the purchase of a home but have not filed your taxes or have missed the extension deadline, have no fear. It does not mean that you can wait several years.
In my opinion, the demise of these loan practices was long overdue.įiling an extension on your tax returns only buys you until October 15 to file your taxes. The days of "stated income" or "no doc" loans are over. Why? Because in order to underwrite your loan, your lender will require several documents to verify that you are a solid candidate for a several hundred thousand dollar mortgage. This includes having filed your taxes for the preceding two to three years. Can I Get a Mortgage If I Have Not Filed My Tax Returns?ĭuring my real estate career, I have been amazed by several buyers who did not understand the need to have their financial house in order before they apply for a mortgage.
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