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Replies (3)
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
I hope you have learned the lesson of backing up your files on disk, external hard drive or web based.
Lenders don't ask for transcripts. Loan processors are not familiar with working with transcripts. Your loan processor is going to need all schedules of your past two years Federal Tax Returns since you must be self employed or a 1099 employee in order to determine the correct DTI. Wage earners only need W2's.
In addition you will be required to sigh a form 4506T. This allows the lender to receive your past two years tax returns to compare with what is in your Loan Package. ..... Best wishes, Rudi
Lenders don't ask for transcripts. Loan processors are not familiar with working with transcripts. Your loan processor is going to need all schedules of your past two years Federal Tax Returns since you must be self employed or a 1099 employee in order to determine the correct DTI. Wage earners only need W2's.
In addition you will be required to sigh a form 4506T. This allows the lender to receive your past two years tax returns to compare with what is in your Loan Package. ..... Best wishes, Rudi
- Martin Rodriguez, "martincfi"
- Contributions:2
Hi There,
Unfortunately if your lender is requesting the tax returns, they will want to see the whole tax return including all schedules. Underwriters will look for any reported losses, and if you're self employed they will add depreciaiton back into your income, therefore the entire tax filing is going to be required.
Furthermore, the 4506 transcript only provides the underwriter a summary of your tax filing and is used by the underwriter to support and verify the documentation that you provide so as to ensure against fraud.
If you need a copy of your original tax filings, I'm assuming you already asked your tax preparer if they have a back up copy, you can contact the
IRS and request it from them. Just don't expect speedy service.
Good Luck
Unfortunately if your lender is requesting the tax returns, they will want to see the whole tax return including all schedules. Underwriters will look for any reported losses, and if you're self employed they will add depreciaiton back into your income, therefore the entire tax filing is going to be required.
Furthermore, the 4506 transcript only provides the underwriter a summary of your tax filing and is used by the underwriter to support and verify the documentation that you provide so as to ensure against fraud.
If you need a copy of your original tax filings, I'm assuming you already asked your tax preparer if they have a back up copy, you can contact the
IRS and request it from them. Just don't expect speedy service.
Good Luck
- Andrew Adams, "203K Specialist"
- Contributions:9349
depends on why they are looking for your returns. You need to ask your lender.
previous tax return for mortgage brokers
When mortgage brokers ask for past 2 years of tax returns, can I provide them with a tax transcript? It seems like this is free vs requesting an actual tax return from IRS. (my computer broke down and lost previous tax returns)
And which way is the fastest way for us to get this? just going through the IRS? doing a quick search seems to show a few websites that get it for a fee... please let me know
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