tax returns: Evaluating and using Tax Returns for Mortgage Financing (part 2) - 08/09/11 10:57 AM
Evaluating and using Tax Returns for Mortgage Financing - Part 2
 
I posted this part one and two series a few months ago.  Some recent conversations with some Realtors and clients spurred me to repost some of this information as it appears there are some misconceptions as to how income gets calculated when using tax returns.
 
In Part One, we addressed how rental income is evaluated in terms of qualifying for mortgage financing.  Here in Part 2, let's delve into this whole issue of using tax returns for mortgage financing, and evaluating those return schedules, a little deeper.
 
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tax returns: Evaluating and using Tax Returns for Mortgage Financing (Part One) - 08/04/11 06:22 AM
Evaluating and using Tax Returns for Mortgage Financing (Part One)

Chances are you have heard how the mortgage lending environment has changed and that it's becoming more challenging to obtain mortgage financing.  While that is certainly the case, there are still options out there.  In this Part One series, we will discuss how lenders analyze tax returns for mortgage financing.
 
 
Many self employed individuals or folks with complicated tax returns may be interested to know what mortgage lenders look for in those returns in order to establish qualifying income.  While different lenders may look at some situations differently, … (8 comments)

tax returns: Must be nice not to have to file taxes....or is it? - 07/27/11 07:03 AM
He doesn't file taxes, can he still get a loan?
Have you ever worked with a client who wasn't required to file tax returns?  Our office was recently working with a gentleman who, because of his age and earnings, wasn't required to file a tax return.
In recent years, lenders have been REQUIRED to pull what's called a 4506-T, or verification of Tax Transcript.  It's been required from really an auditing standpoint to make sure that the tax returns the borrower provides the lender for qualifying purposes are INDEED the same returns they provided the IRS.  In a nutshell, it's all to … (12 comments)

tax returns: Save a tree...do you really need all that paperwork? - 07/18/11 10:03 AM
Save a tree...do you really need all that paperwork?
Seems that of late, I've run into a number of potential borrowers asking this, a lot!
How many times have I been asked "why do you need all pages of the tax returns. Won't the first two pages be enough?  It has everything you need!"   OR   "That's really stupid you need all pages of the bank statements....the balance is listed on the front"
 
Yes folks, if you are seeking a mortgage loan, your loan consultant WILL need all pages.  Even that pesky one that states "this page left intentionally blank", if … (11 comments)

 
Karen Burket, Valley Mortgage Grou, Conventional, FHA, VA, mortgages (Bank of Oregon a division of Willamette Valley Bank )

Karen Burket

Valley Mortgage Grou, Conventional, FHA, VA, mortgages

Medford, OR

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Bank of Oregon a division of Willamette Valley Bank

Address: Medford, Central Point, Eagle Point, White City, Rogue River, Grants Pass, Klamath Falls, Jacksonville,, Medford, OR, 97504

Office: (541) 842-5605

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