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One Year Tax Returns for Cash-Out Refinance

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One Year Tax Returns for Cash-Out Refinance

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

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Regular Contributor

Re: One Year Tax Returns for Cash-Out Refinance

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

Message 2 of 4
Member

Re: One Year Tax Returns for Cash-Out Refinance

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.

Message 3 of 4
Established Contributor

Re: One Year Tax Returns for Cash-Out Refinance

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.

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