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Mortgage with no tax returns

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Frequent Contributor

Mortgage with no tax returns

Is it possible to get approved for mortgage without showing tax returns?

Message 1 of 8
7 REPLIES 7
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Moderator Emeritus

Re: Mortgage with no tax returns

Alternative mortgages sure, but to my understanding none of the usual suspects, conventional, FHA, VA, etc apply.

 

There are some asset-based and even bank-statement based still around albeit rare but the vast majority want tax returns.




        
Message 2 of 8
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Regular Contributor

Re: Mortgage with no tax returns

Yes, I just did a Bank Statement only conventional program because we’re self employed. We were literally bent over backwards and (Mod cut-please not here) during underwriter but gave birth to a beautiful home/mortgage in the end so all is good. If you are able to go through the conventional tax return route, I highly encourage you to do so because going by bank statement was probably 100000x more harder than tax returns and pay stubs.

Message 3 of 8
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Moderator Emeritus

Re: Mortgage with no tax returns

Owned several houses and never used tax returns? Have not even been asked using FHA, VA and USDA.

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Message 4 of 8
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Established Contributor

Re: Mortgage with no tax returns

In simple terms, unless you are self employed, we would only require the borrower provide 30 days paycheck stubs, 2 years W2s, and contact information to your  Payroll/HR Department so they can do a VOE (verification of employment). Some other lenders still may require more documents.

 

If you are self-employed, there are several options available. There are options where the Underwriter can use the most recently filed 1040 providing the borrower can provided documentation you have been self-employed in the same business i.e. business license, CPA Letter, etc. for the last 2 years. Also available is the bank statement only program. Meaning you supply the lender with either 12 or 24 months bank statements (depending on lender), and  your income will be calculated based on a percentage of your deposits. Depending if you are a sole proprietorship or a corporation. There are other programs called Asset Depletion, Investor Cash Flow, etc. Of course these NonQM loan  programs come with larger down payment requirements, higher rates and fees. But they may a great option for those borrowers who do not fit into the box.

 

Hope this helps, best wishes to you!

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo, Portfolio and NonQM Loan Products. Licensed in AL, AR, AZ, CA, FL, GA, IL, IA, IN, LA, MI, MO, NC, NE, NV, OH, OK, OR, SC, TN, TX, VA and WI.
Message 5 of 8
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Contributor

Re: Mortgage with no tax returns

I'm assuming the same would apply if on Disability? I haven't filed in 14 years.
Message 6 of 8
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Established Contributor

Re: Mortgage with no tax returns

Hanshi,

 

Yes that is correct.

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo, Portfolio and NonQM Loan Products. Licensed in AL, AR, AZ, CA, FL, GA, IL, IA, IN, LA, MI, MO, NC, NE, NV, OH, OK, OR, SC, TN, TX, VA and WI.
Message 7 of 8
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Valued Contributor

Re: Mortgage with no tax returns

Then you must not be self employed. Or derive income from sources that would require UW to ask for your 1040’s.

Some programs are Income Driven or 1st Time Buyer programs that require proof thru Tax Returns. (Up to 3 yrs worth)
Message 8 of 8
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