Requirements for 2011 Transcripts

Posted by admin on March 31, 2012

CONVENTIONAL/FHA /VA LOANS including FHA Credit Qualifying STREAMLINES

Effective 1/31/12: For Salaried borrowers: 2011 W-2 OR 2011 Year end YTD paystub will be required

For loans underwritten before June 15, 2012, if the borrower has filed their 2011 tax returns, and the tax transcripts are not yet available, the tax transcript request will be returned from the IRS and reflect "No Record Found", the following must be provided:

  • 2011 Tax Transcript showing "No record or return filed"; and,
  • Copy of the 2011 Tax Return, and,
  • For Salaried Borrowers: a 2009 and 2010 tax transcript, current paystub and 2011 W-2;
  • For Self Employed Borrowers Or borrowers with reduced 2106 expenses:   a 2009 and 2010 transcript, and 2010 1040's along with 2009 and 2010 tax returns. (if 2011 income or expenses are being used to qualify, the 2011 1040’s and Tax Transcript is Required.)

For loans underwritten on or after June 15, 2012, 2011 tax transcripts must be obtained.  If a borrower has filed an extension, the following must be provided:

  • Evidence that the extension was filed and evidence of tax payment; and,
  • A 2011 Tax Transcripts showing "No record or return filed"; and
  • For Salaried Borrowers: a 2009 and 2010 tax transcript, current paystubs and
  • 2009/2010/ 2011 W-2's;
  • For Self Employed Borrowers Or borrowers with reduced 2106 expenses : a 2009 and 2010 tax transcript; and 2009 and 2010 tax returns. (If 2011 income or expenses are being used to qualify, the 2011 1040’s and  Tax Transcript is Required.)

Borrowers Not Required to File a 2011 Tax Return

If a borrower is not required to file a 2011 tax return and the source of income cannot be validated through the #4506-T process, alternative documentation must be obtained, along with a 2011 transcript showing "no record or return filed".

 

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