Posted on: 14th May, 2012 01:34 am
How greatly do previous years taxes filed effect your ability to obtain a mortgage? Do you have to have the same level of income for the past two years to get a mortgage loan?
Hi Kawal,
Previous years' tax filing will help the lender to assess your income for the last few years. The lenders normally check 2 years of tax return filings while giving you a loan. The lenders will want you to have a stable income for the last few years to qualify for a loan.
Thanks,
Jerry
Previous years' tax filing will help the lender to assess your income for the last few years. The lenders normally check 2 years of tax return filings while giving you a loan. The lenders will want you to have a stable income for the last few years to qualify for a loan.
Thanks,
Jerry
Kawal;
There are many factors which contribute to whether your previous years tax returns affect your ability to qualify. They can prevent you from qualifying or have no effect whatsoever. It differs with each specific scenario. I would be happy to take a look at your scenario and pre-qualify you.
Best Regards;
There are many factors which contribute to whether your previous years tax returns affect your ability to qualify. They can prevent you from qualifying or have no effect whatsoever. It differs with each specific scenario. I would be happy to take a look at your scenario and pre-qualify you.
Best Regards;
Your tax returns can open up a can of worms, such as if you file 2106 expenses. This would be a reduction to your actual income. If your self employed, and your earnings are decreasing, the Underwriter will use the less income. You do not have to have the same level of income, but must be sufficient to cover your debts.
