| Author |
Message |
|
|
berettafan002

Joined: 06 Feb 2008
Posts: 9
6.68 Dollars($)
|
Posted: Mon Jul 07, 2008 6:31 am Post subject: URGENT ADVICE! My home lender needs my tax return for 2007 |
|
|
My home lender needs my tax return for 2007
i have filed an extension to file my return.
I am buying a new home, and the lender requests my tax return.
Can I still give them my tax return without filing to the IRS (like i said, I already requests for an extension this past april 2007 due ). Obviously,
this will be the same return i will file to the IRS in october 2008.
The reason i cannot file with the IRS at this time is due to fact i am
about to close my home with a huge down payment and do not want
to have to pay the remaining taxes on my tax return until after i close.
thanks |
|
|
larry

Joined: 27 Jun 2007
Posts: 3328
474.44 Dollars($)
|
Posted: Tue Jul 08, 2008 1:18 am Post subject: |
|
|
Hi berettafan.
Welcome back.
I think you need to show the lender the tax return to prove that you pay the Federal tax on time. It is important to qualify for a mortgage loan. It will also have a good impact on your credit report.
Best of luck.
Larry |
|
|
gmakerley
 Community Mentor

Joined: 09 Nov 2007
Posts: 7129 Location: bloomfield, ct
18.93 Dollars($)
|
Posted: Tue Jul 08, 2008 7:22 am Post subject: |
|
|
hello, fan. you'll have to provide the lender with your extension form granting in lieu of the actual tax return. if you haven't filed for an extension from the irs, then you'll have to do the return itself.
in all likelihood, the lender is going to have you sign a 4506 form, which allows them to seek copies of your returns from the irs. if you provide them with a copy of your unfiled tax return, you do run the risk that they'll use the 4506 right away (though i would be surprised if that happened).
vague answers here, but that's the best i can provide. different lenders do different things, so it's hard to predict from one to the next. _________________ George M. Akerley
Loan Consultant
860-221-5044 |
|
|
stephenie1

Joined: 20 Dec 2007
Posts: 21 Location: Texas
9.45 Dollars($)
|
Posted: Tue Jul 08, 2008 7:49 am Post subject: Tax return |
|
|
Hi Berettafan!
You will need to show the tax return as Larry mentioned. However, you will also need to show the letter of extention for the returns. This will show underwriting that you are working with the IRS. I hope this helps. Good luck on your loan! _________________ Stephenie Marshall
1st Advantage Mortgage
www.1amHomeLoan.com/stephenie
Cell: 214-779-6622 |
|
|
Guest

|
Posted: Tue Jul 08, 2008 10:52 am Post subject: Tax Returns |
|
|
Also, they will probably request 05 and 06 tax returns. If you extended on these, you will need letters for them. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
|
ulch
 Guest
|
Posted: Wed Jul 09, 2008 10:19 pm Post subject: |
|
|
Are vou Self Employed or Commissioned?
This is the only reason they would need tax returns. The reason for this is to calculate income. Do you have the money to pay Uncle Sam and for the Down Payment? If so then go ahead and file if your income from previous years is not enough to qualify.
BTW why the huge down payment? Are you completely out of all other debt: car, credit cards, student loans, and do you have a nadequate emergency fund established? If so move forward with your down payment if not. I would advise to take care of your other non-prefered debt.
Larry Tax returns have zero impact on credit scores. |
|
|
Niicss

Joined: 03 Oct 2005
Posts: 2579 Location: New Jersey
402.93 Dollars($)
|
Posted: Wed Jul 09, 2008 10:41 pm Post subject: |
|
|
Welcome ulch.
Good suggestions ulch. you have fair knowledge about this industry and also examined the guest's situation well. Are you a mortgage professional? Which state are you from? Just curious to know
Have you seen the Community Professionals section here? I feel you can be one of them. Please take a look at http://www.mortgagefit.com/community/professionals.html
Hope to you on the forums  _________________ Good is the Enemy of Great. |
|
|
stephenie1

Joined: 20 Dec 2007
Posts: 21 Location: Texas
9.45 Dollars($)
|
Posted: Thu Jul 10, 2008 7:00 am Post subject: |
|
|
Ulch is correct. What type of loan are you trying to qualify for beretta? If you are able to go with a smaller down, as Ulch mentioned, could be more beneficial. _________________ Stephenie Marshall
1st Advantage Mortgage
www.1amHomeLoan.com/stephenie
Cell: 214-779-6622 |
|
|