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Answers (2)
Best Answer
- John Paunan, "John Paunan"
- Contributions:1145
At least with the lenders that I work with, it will need to be reflected in the tax transcripts. I don't think FHA guidelines specifically mandate tax transcripts be ordered, but every lender requires them now because of all the rampant fraud in terms of income. Without those transcripts, the loan would be unsellable in the secondary market, which means lenders will not let it close.
- Memphis Owners12
- Contributions:167
I have seen FHA loans close and fund this year where the borrower had only filed for an extension for their tax return and therefore did not have tax transcripts.
Without knowing all the details, I can't respond definitively, but I would imagine your situation will work out in your favor, provided the reasons for refiling don't reflect negatively on your application.
A very common reason for tax returns to reflect negatively is if the deductions claimed by the taxpayer reduce the taxable income such that adjusted gross income is no longer enough to qualify for the loan in question.
Without knowing all the details, I can't respond definitively, but I would imagine your situation will work out in your favor, provided the reasons for refiling don't reflect negatively on your application.
A very common reason for tax returns to reflect negatively is if the deductions claimed by the taxpayer reduce the taxable income such that adjusted gross income is no longer enough to qualify for the loan in question.
Can an FHA loan be processed if previous years tax returns have been filed, but not yet finalized?
So, opinions please?
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