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FHA loan do you need full tax returns?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Regular Contributor

FHA loan do you need full tax returns?

Do i need full tax returns for an FHA mortgage the problem I have is that I owe back taxes and am currently paying them off.  Or do I just need W2's and paystubs?

 

Thanks 

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Established Contributor

Re: FHA loan do you need full tax returns?

You will need full tax returns, as well as signing a form for an IRS transcript.  You will need W-2s, paystubs, bank statements, retirement account statements, driver's license, social security card, explanations of deposits over a certain amount, explanations for any baddies on your CRAs, rental agreements, and the DNA of your firstborn.  At the very least.  They will likely want to see copies of your installment agreement as well as proof of it being paid.

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

Message 2 of 5
Established Contributor

Re: FHA loan do you need full tax returns?

What if you owe back taxes (no liens on my report), but the IRS has put you in an "Uncollectable" Status?  I had planned on going with an FHA + utiliizing a down payment assistance program, which only requires you to come with 1% of your own money + a 30yr silent 3%.  

 

When transcripts are requested, would this trigger the IRS to go "Oh no you won't get a house! Here, have a lien or two!"? 

Chap7 discharge 7/29/15
Fico 6/18: TR:632(high util)
Cap1(Plat+QS) 3500+4500/Merrick 1400/Express 2100/Overstock 4100/VS 500.
Message 3 of 5
Regular Contributor

Re: FHA loan do you need full tax returns?

Couldn't you just setup a payment plan with the IRS? That way you don't chance them coming after you.
Message 4 of 5
Frequent Contributor

Re: FHA loan do you need full tax returns?

Yeah, if you're planning on any sort of government loan/government assistance it's very likely going to come up.

 

Plus it's illegal not to disclose a liability when you're applying. My guess is the IRS isn't going to think the debt isn't uncolletable if you plan on trying to buy a house...

2/24 (Lender Pull) EQ 613, TU 553, EX 589
April EQ 633, My Fico TU 638, EX ??
Current EQ 643, TU 652, EX 633 (lender pull 5/11)
Goal (we made it!!)- Over 640 middle by 5/15
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