cancel
Showing results for 
Search instead for 
Did you mean: 

What tax transcript will FHA look for

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Established Member

What tax transcript will FHA look for

I'm starting an FHA loan process (we were going to go with NACA, but the house wasn't in a census tract that qualifies, so we are starting over.)

I've been asked by loan originator to supply tax returns, W-2s and 1099s, which I have.

I have not been asked to supply tax transcripts, but I've seen on other postings that they might be required.

First question: Will tax transcripts definitely be required if my DU shows approved/eligible.

Second question: If they will be, which transcripts are required. I see four different categories when looking at my online IRS account: return transcript; account transcript; record of account transcript; and wage and income transcript.

Thanks

 

4 REPLIES 4
Valued Contributor

Re: What tax transcript will FHA look for

Are you a 1099 earner or self employed ? Or a regular W2 and regular wage earner? Earn commission or are in a profession with large employee write offs? (Truck driver)

Some lenders want tax returns regardless. Right now Lenders will be asking for 2016 & 2017 1040’s and any Business returns for those years.
They will also look to see if you have past taxes due and the status of Past Due taxes.
Message 2 of 5
Established Member

Re: What tax transcript will FHA look for

I’m a W2 earner and also receive pension payments reported on a 1099
Message 3 of 5
Established Contributor

Re: What tax transcript will FHA look for

I'm sure this depends on the lender, but in my disclosures the 2046T asked for 2015, 2016, and 2017.

Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $6600, PayPal $2200
Message 4 of 5
Established Contributor

Re: What tax transcript will FHA look for

If you are applying for a DPA you will be required to provide the Lender and Agency with at least 2 if not 3 years of 1040s. If you are not applying for a DPA, and your employment status is that of a W-2 Wage Earner and/or someone receiving a pension, you should not be required to provide 1040s. We would only require 30 days paycheck stubs, 2 years W-2's or 1099 or 1098's, a VOE (verification of employment), and finally we only check box #8 on the IRS Form 4506-T. Since you are not self-employed FHA, VA, and Conventional loan programs do not require 1040s or the validation of those tax returns nor would we request a "Statement of Account". But again every lender is different and many have overlay on top of agency guidelines.

 

Best wishes to you!

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI.
Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.