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Can I Get A Mortgage if I have Not Filed My Tax Returns?
Can I Get a Mortgage If I Have Not Filed My Tax Returns?
During my real estate career, I have been amazed by several buyers who did not understand the need to have their financial house in order before they apply for a mortgage. This includes having filed your taxes for the preceding two to three years. Why? Because in order to underwrite your loan, your lender will require several documents to verify that you are a solid candidate for a several hundred thousand dollar mortgage. The days of "stated income" or "no doc" loans are over. In my opinion, the demise of these loan practices was long overdue.
 
 
But I Filed an Extension!
Filing an extension on your tax returns only buys you until October 15 to file your taxes. It does not mean that you can wait several years. You have six months. That's it!
If you are someone who is contemplating the purchase of a home but have not filed your taxes or have missed the extension deadline, have no fear. If you file your taxes now, you may still qualify for a loan. Your lender may require official transcripts of your tax return which can ... more

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