One Year Tax Returns for Cash-Out Refinance

[dabrahams]

Are there any Banks or Credit Unions that offer a Cash-Out Refinance with only 1 year of tax returns as proof of income? 

[Mortgage-Specialist]

Are you self employed?

You can show your most recent year of tax returns if you can prove that you've been self employed for at least 5 years

[dabrahams]

Yes, self-employeed in the same business for 18 years.  2018 tax returns look great but 2017, not so much.  I do not want them to "average" out the 2 years which I understand is the procedure if asked for 2 years of returns.  I am also looking for a cash-out refinance.  LTV will be closer to 60% after the refi.  My DTI is a little high right now and using the cash-out to consolidate some of my higher interest credit cards.  I realize some would advise agiant this but I put down a large amount of money when I purchased my home almost a year ago and I should have paid down those debts with some of that cash instead of using it for a down payment.

[homeloanexpert]

Many of us lenders do not require 1040s or the validation of your taxes via 4505-T unless you are self employed. As stated below, if you are S/E, you can get away with the most recently filed tax returns providing you can verify you have been self employed for at least 2 years (for some programs) and as much as 5 years for Conventional.