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?
2007-03-16 13:53:16 · 2 answers · asked by jcowens2000 1 in Business & Finance ➔ Renting & Real Estate
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
2007-03-16 18:10:44 · answer #1 · answered by A_Kansan 4 · 0⤊ 0⤋
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.
2007-03-20 07:22:32 · answer #2 · answered by viralcraig 2 · 0⤊ 0⤋