Wednesday, April 16, 2014

Getting a Loan Without Filing Your Taxes

Some people file their tax returns early, and some people file them late. Can you still get a mortgage if you haven't filed your tax returns?  Here are the rules: 
  • If you are an hourly or a salaried W2 employee, you will need to either file your taxes by April 15 or file for an extension.  We can count your current income, based on your most recent pay stubs, regardless of whether you have filed your taxes or filed for an extension.
  • If you are self-employed or make 25% or more of your income from commissions, then you will need to either file your taxes by April 15 or file for an extension (the same as if you are paid hourly or are salaried).
  • However, if you are self-employed or make 25% or more of your income from commissions, then we have to calculate your income by averaging it over the past two years.  If you can qualify for a mortgage based on the average of your 2011 and 2012 income, then you do not need to file your 2013 taxes to get a loan.  Filing for an extension is good enough.  But, if you can only qualify based on the average of your 2012 and 2013 income, then you will need to file your 2013 taxes before you can get a mortgage.

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

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By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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