topic Re: Which Lenders Require 1 Year Tax Return? in Mortgage Loans

Which Lenders Require 1 Year Tax Return?

supervelous — Tue, 07 Apr 2015 22:05:53 GMT

I'm a W2 earner, but would like to only provide 1 year tax returns. Can provide 2 years W2's and paychecks. Am about to do my 2014 taxes and want it to be the only tax return I provide. See online many lenders want 2 years, any with 1 year? My FICOs are pretty good, 740-770 range for all 3, about 85K base salary plus 10% bonus, no outstanding debt, 9 years in same job.

Re: Which Lenders Require 1 Year Tax Return?

Anonymous — Tue, 07 Apr 2015 23:47:31 GMT

Can I ask the obvious question, which is why? I might be wrong, but I feel like even if a loan officer says they only need one tax year, an underwriter is going to ask for more? I am being asked to provide three years preemptively, going into underwriting. If you provide W2s, they want to confirm your returns with the IRS regardless.

Re: Which Lenders Require 1 Year Tax Return?

frugalQ — Wed, 08 Apr 2015 00:39:22 GMT

I believe the 2 year returns is a FHA/Fannie Mae requirement...not a lender overlay.

Re: Which Lenders Require 1 Year Tax Return?

Anonymous — Wed, 08 Apr 2015 02:49:52 GMT

@supervelous wrote:
I'm a W2 earner, but would like to only provide 1 year tax returns. Can provide 2 years W2's and paychecks. Am about to do my 2014 taxes and want it to be the only tax return I provide. See online many lenders want 2 years, any with 1 year? My FICOs are pretty good, 740-770 range for all 3, about 85K base salary plus 10% bonus, no outstanding debt, 9 years in same job.

The answer is simple.. None unfortunately..

Re: Which Lenders Require 1 Year Tax Return?

Anonymous — Wed, 08 Apr 2015 15:39:27 GMT

YesMe told us why he needs a lender only wanting 1 year tax stuff-

"The answer is simple.. None unfortunately.."

Well Me, that's gonna be a issue.

Even if you can find a guy to float that note, you might decline the offer, because I'm thinking gonna pay a HIGH price for it. I dunno much, but giving out mortgages on just one year of verifiable income is bad business. I had to submit THREE years, and I've been on a state pension for 10 years, and my wife on her same job for 33. They told me, "well thats all nice, but send the paperwork anyway."

I suggest patience. Keep on your job, and file for 2014, and 2015, next year at this time. I don't think you oughta muddy up the water on a longshot. (burn a bunch of inq, and stuff like that.) Keep us posted.

Re: Which Lenders Require 1 Year Tax Return?

Gunnar419 — Wed, 08 Apr 2015 16:03:34 GMT

@Anonymous wrote:
YesMe told us why he needs a lender only wanting 1 year tax stuff-

"The answer is simple.. None unfortunately.."

Well Me, that's gonna be a issue.

Even if you can find a guy to float that note, you might decline the offer, because I'm thinking gonna pay a HIGH price for it. I dunno much, but giving out mortgages on just one year of verifiable income is bad business. I had to submit THREE years, and I've been on a state pension for 10 years, and my wife on her same job for 33. They told me, "well thats all nice, but send the paperwork anyway."

I suggest patience. Keep on your job, and file for 2014, and 2015, next year at this time. I don't think you oughta muddy up the water on a longshot. (burn a bunch of inq, and stuff like that.) Keep us posted.

"None unfortunately" didn't come from the OP. It was an answer TO the OP.