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Thread: Question about Mortgage

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    God/dess LAChloe's Avatar
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    Default Question about Mortgage

    I have a question about a mortgage. If I purchase a home in January or February, will I have to file 2016 taxes before I can obtain a mortgage? Hoping Gia is around still to answer this! Thank you!

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    Featured Member minnow's Avatar
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    Default Re: Question about Mortgage

    A few years ago, I bought a place in March. I don't recall anywhere on application asking for a copy of my tax returns, or if I filed. Mortgage company mainly wanted to see my income (W2), and recent copies of bank, and other financial statements. Hth........
    I'm right 96% of the time. I don't sweat the other 5% .......................

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    Default Re: Question about Mortgage

    If you have 3 years of stable tax returns and any kind of paperwork confirming you have like income[bank statements for instance] for this year, I would think the bank would be fine.

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    Default Re: Question about Mortgage

    yes you do, unless you mean starting the home buying process now and the closing will be in january. That would mean you would get pre-approved now and use your 2 past tax returns.

    if you are predicting that this year's tax return will show a smaller amount earned than the 2 previous ones, then I strongly suggest doing it now instead because that would negatively affect how much mortgage you can get.

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    Default Re: Question about Mortgage

    You do.

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    God/dess Zofia's Avatar
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    Default Re: Question about Mortgage

    If you close in February, they will require your 2016 and 2015 W-2 forms, otherwise 2015 and 2014 W-2 forms will be sufficient. They will get a release for tax transcripts for the last two years. Some processors want the actual returns, but Fannie Mae and Freddie Mac don't specifically require them for national underwriting. If you are self-employed, then the underwriting process is much more rigorous. You will need 1099s for the previous two years and probably tax returns, including your schedule C for the past two years.

    HTH
    Z

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    God/dess Gia2608's Avatar
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    Default Re: Question about Mortgage

    Sorry, didn't see this until now. You could have PM'd me! You will not need to file them if you go under contract in Jan or Feb as they are not due to be filed until April 17th; however the lender is going to average your last 2 years of income to determine how much you can afford so if you think you are going to have more income on the 2016 it may be worth filing them. Also, keep in mind if you owe money to the IRS this will be considered a monthly liability and will go against your debt to income ratio, decreasing your purchase power.
    XoXo Gia
    Danielle Fishell (the Dish): "If the Super-Star thing doesn't work out, Gia makes a great stripper name"

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