URGENT ADVICE! My home lender needs my tax return for 2007

berettafan002 · Joined: 06 Feb 2008 Posts: 9 6.68 Dollars($)

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($)

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 · 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.

stephenie1 · 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!

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.

Guest

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 · 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 Smile

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 Smile

stephenie1 · 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.

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