Profile picture for DOLIVER7

DO YOU NEED TWO YEARS TAX RETURNS TO GET A MORTGAGE

  • November 19 2013 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (6)

The underwriting guidelines of Fannie Mae, Freddie Mac, and FHA are available to the public online.  Both Fannie Mae and Freddie Mac will allow the use of 1 year documentation of w2 Income and Freddie Mac Allows for 1 year documentation of self-employed income.
 
From Fannie Mae's Guide(Sec B3-3.3-02)
Base Pay (Salary or Hourly) Income
DU will require the following:
• a completed Request for Verification of Employment (Form 1005), or
• the borrower's recent paystub and IRS W-2 forms covering the most recent one-year period.

From Freddie Mac (Streamline Accept Documentation Requirements)
Employment income
Year-to-date (YTD) paystub or salary voucher documenting at least 30 days of income
W-2 form for the most recent tax year

Self-employed income-
* Complete signed individual federal tax return for the most recent year. The individual federal income tax returns must reflect at least 12 months of self-employed income.

  • November 21 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for mariacgomez
Yes, you do
  • November 20 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

For the most part, yes. Lenders will ask for proof of your last 2 years of income which they will see through your tax returns. This is very important for most popular loans such as FHA. If you do not have this, there are stated income loans require this verification of your income. You will still need to show bank statements and other important assets, but it is still possible although you may need a higher down payment. Either way, I recommend that you speak with a lender like myself that would be happy to speak with you to see if we can get you started on this loan. Well I hope this helps, if you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck!
  • November 20 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for DOLIVER7

I guess I should have been a little clearer.  I guess I should have said can you get a mortgage with your most current W2 (current year)?

  • November 20 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for JustinLeffew
Most lenders will require it as this is a typical overlay to traditional Fannie/Freddie/Ginnie guidelines. I have done a few exceptions to this but in general you must be a W2 employee. Any self-employed or commission you will have a hard time finding a lender who will waive two years of returns.
  • November 19 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Not necessarily. It depends on the loan program, credit profile and how much you plan to put down. Some lenders have overlays and will require 2 year tax returns. It also depends on the nature of the  income that  you are trying to document.
  • November 19 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.