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