Warning: Tax time could be gotcha time!
If your borrower is self-employed and they need their income in 2012 to qualify for their mortgage because it was higher than their 2011 income, then they have to have filed their federal tax returns by April 15 and the lender will have to be able to
As April 15th approaches there will be delays in the turn times of tax transcripts. Be careful as this issue could delay a closing for you!
Be sure to encourage your clients to address this with in order to understand if this will be an issue for them; if this could delay their closing; or if they are properly pre-approved for a loan before home shopping.
Warning: File those tax returns ASAP!
Since many of you are self-employed, beware of tax fraud and identity theft. Others are filing as “you” to get your tax refund. Apparently this practice is rampant!
