When does the lender need to request IRS transcripts and/or tax return copies from the IRS when applying for an investment property/residential mortgages? Assume the borrower is self employed (no W2). Is this something the lender does under special/extraordinary circumstances?
When applying for an investment mortgage, when does the lender cross reference IRS records?
22
Mar
2 Comments
Posted in Uncategorized
Tags: applying, cross, investment, lender, mortgage, records, Reference
A_Kansan
March 22, 2010 at 3:56 pm
The lender may ask you for your previous years tax filing, which would have your previous year’s earnings on it, but sometimes all they do is a credit check.
When I obtained my loan, all they asked for was my previous years earnings, but didn’t request a copy of either my W2 or my tax filing. Although, I did offer it if they wanted it.
Good Luck
viralcraig
March 22, 2010 at 4:52 pm
I would consult an expert in this field especially when you are dealing with a mortgage for self employed individuals. Try:
http://www.mymortgagebroker.com/
There is quite a bit of info available on the tool bar on the side or I would just send them an email.
Good luck.