topic Re: Help! FHA and Tax Returns - Haven't filed 2008 returns in Mortgage Loans

Help! FHA and Tax Returns - Haven't filed 2008 returns

TimeOnMySide — Thu, 15 Apr 2010 22:19:45 GMT

For 2008 taxes I filed for an extension but I never actually filed the return, would have owed and needed to save the money. I know I need to do it but is this going to impact getting approved for FHA??

Also, if you file an extension for 2009 taxes (need ext because we had a baby but don't have her SSN to claim her) will that impact ability to qualify?

Re: Help! FHA and Tax Returns - Haven't filed 2008 returns

Anonymous — Fri, 16 Apr 2010 00:18:58 GMT

Yes, both will affect your ability to get an FHA loan. The UW will require tax returns from previous 2 years (either 2007/2008 or 2008/2009), which they will verify directly with the IRS. I'm guessing you will also have to demonstrate that your tax liability for both years has been paid. Their logic is if you can't afford to pay your taxes, you can't afford to buy a house.

Re: Help! FHA and Tax Returns - Haven't filed 2008 returns

Anonymous — Fri, 16 Apr 2010 03:18:46 GMT

since it has passed the 15th, they are almost certain to require 08 and 09 taxes, and proof that they are paid. Payment arrangements will not work since they have to be in effect for 12 months. Also, beware that the processing time for past year tax returns is a very long time. Expect anywhere from 3-6 months from when they recieve them before they are complete and transcropts are avialable.

Re: Help! FHA and Tax Returns - Haven't filed 2008 returns

TimeOnMySide — Fri, 16 Apr 2010 04:18:08 GMT

Thanks guys.