October 15 extension to file taxes has passed.
Requirements for loans funding on or after December 16, 2013, (copies of extension and last year’s transcripts will no longer be accepted)
FHA, VA, and All conventional products
- 2011 and 2012 4506-T results for all borrowers.
- 2011 and/or 2012 complete 1040’s for conventional loans that require the use of tax returns to calculate income * (1-2 years as applicable to program and type of income)
- 2011 & 2012 complete 1040’s for Government loans that require the use of tax returns to calculate income*
*including, but not limited to: self-employed, 1099’s , works for family owned business, rental, interest/dividend, note income, etc.
Borrowers Not Required to File a 2012 Tax Return
If a borrower is not required to file a 2012 tax return and the source of income cannot be validated through the #4506-T process, alternative documentation must be obtained, along with a signed IRS 4506-T with #7 (verification of non-filing) checked and 2012 transcript showing "no record of return filed".
Should you have any questions, please consult your department manager