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What tax returns are asked for when qualifying for a loan?

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August 22 2013 - Newark
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When applying for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan.

1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages)
2) Credit Report which they will pull
3) Employment History or Business Tax Returns if you're Self Employed
4) Personal assets such as: Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have.

If you have any other questions or need a loan please contact me through the information on my profile page!

Hope this helps and good luck!
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August 22 2013
The short answer is "all of them." At least all of the Federal returns. That would be the last two of your basic 1040s plus any additional returns for any partnerships, corporations, etc. where you have over a 10% ownership interest. And don't try to leave something out; lenders today will have you sign an IRS form 4506T which allows them to get a print-out of your returns. If you leave a schedule out it won't match-up with what they get back from the IRS.
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August 22 2013
You will be required to provide the last two years of completed Federal tax returns (all schedules).
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August 22 2013
You are better off bringing your whole tax return for the previous year, they want to see your reported income for that year and most likely will require you to sign a for 4506-T which allows the lender to compare your W2's to your reported income. 
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August 22 2013
 
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