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03-08-2012 05:20 AM
My lender has asked for a copy of my tax returns from 2010 or 2011. I can not find my 2010 return so I decided to complete my 2011 return (otherwise I’d have to wait forever to get a copy of my 2010 return). I owe about $2600 and plan to go into an installment agreement with the IRS, but I’m not sure how this will effect my mortgage loan application.
Will I have to pay my balance due to the IRS before closing? Will it be factored into my DTI ratio?
03-08-2012 06:59 AM
Don't volunteer that info; I don't think they'd know anyway. As far as they know, you used an alternative account or CC to pay the bill. Or even wait until April 15 to enter into an installment with the IRS to buy a month.
03-08-2012 07:04 AM
03-08-2012 07:12 AM
Thanks! I was going to print it and sign it but not send it until April 17th. I just don't want them asking for me to pay it at the last minute. I don't even know why thy need it. Heck they are already ordering 3 years tax transcripts.
That's weird they are asking for a copy from you if they already requested it via a 4506-T. Maybe they wanted to jump on it while they wait to hear back from the IRS? I dunno.
03-08-2012 07:21 AM - edited 03-09-2012 09:06 AM
I guess so. They are requesting 2009, 2010 and 2011 transcripts from the IRS and either 2010 or 2011 returns from me.
I'm just going to submit 2011 taxes and cross my fingers that I'm not required to pay them before closing.
*edited to correct the years of transcripts requested.
03-08-2012 10:39 AM
Is it typical for a lender to ask for that many years in tax transcripts? Just wondering...
03-09-2012 08:10 AM
Do they want the tax transcripts or can i just provide my copies of the taxes i filed electronically through TurboTax??
03-09-2012 09:15 AM
From what I have read online tax transcripts are required to close the loan. I signed an 4506-T form at the very beginning of the process.
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