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What do underwriters use the tax transcripts for?
I sent my long form that i filed to them already.
Any feedback appreciated.
To verify that information. You really don't think underwriting will just trust you, do ya?
@Anonymous wrote:To verify that information. You really don't think underwriting will just trust you, do ya?
^^^Exactly, just one of many verifications! VOE (employment), VOD, VOR - quality control checks....yada, yada. Your application is the start of a whole chain of events....
soon, they will be checking our health records to calculate the probability of the borrower living longer than 30 years post close!!
BTW, point of information, the more money you put down the lower your LTV and the less the lender verifies your records. Start getting into the 65% or less LTV and it is a walk in the park.
...and my lender only asked for 25% down! He said that was the "sweet spot." I offered more but he said nah.
I asked him today about the tax transcript form. He said every lender actually uses it. (My previous lender did not.)
Oh well. Maybe I should consider putting down another 10%???