Mortgage Tip: It’s Easier To Get A Mortgage With 1 Year’s Tax Returns

Mortgage Tip: It’s Easier To Get A Mortgage With 1 Year’s Tax Returns HTTPS://SONOMACOUNTYMORTGAGES.COM/2012/05/GET-A-MORTGAGE-1-YEAR-TAXES/

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Here’s what one year’s tax returns means for loan qualifying!

Not all scenarios work for light documentation. Here are some examples that may fly: Changing from being being self employed to w2 Only being self employed for the last year Being a w2 wager earner Moving bonus or commission income (Note: if you are self employed and had a bad year, not all bets are off for qualifying. For a lender to determine how you qualify they will need an application which includes pulling credit and the normal financials. A good lender can work the math backwards.)

Mortgage Tip: One years tax returns Let me explain a quick list of benefits to just one year’s returns: Speed. Providing your most recent W-2s and most recent tax returns make the process faster.

Diversity. This benefit applies to all mortgage loans including: FHA Loans Making Homes Affordable Refinance Program USDA Loans Va Loans Conventional Loans Home Path Loans Each mortgage loan program requires an automated underwriting loan approval, either by DU or LP. It doesn’t matter what loan program you are trying to qualify for. The automated underwriting model findings hold the same for each.

Remember most mortgage lenders require two years of federal income tax returns.

Remember most mortgage lenders require two years of federal income tax returns. Just because the automated underwriting model gives us the ability to originate loan with one years of federal income tax returns, that doesn’t necessarily mean the all mortgage lenders follow suit. Ask your mortgage lender up front how your mortgage loan is originated, specifically, ask them the following questions: How does your mortgage company qualify me for a mortgage loan?

Can my my mortgage loan be funded by only providing one years of tax returns and supporting W-2s?

How do you determine my income?

Make sure as informed consumer to ask these questions of the mortgage lender you selected to handle your purchase or refinance loan.