Can I Get A Mortgage if I have Not Filed My Tax Returns?

Real Estate Agent with (757) 560-0881

Can I Get a Mortgage If I Have Not Filed My Tax Returns?

Chesapeake Virginia Mortgage RequirementsDuring my real estate career, I have been amazed by several buyers who did not understand the need to have their financial house in order before they apply for a mortgage. This includes having filed your taxes for the preceding two to three years. Why? Because in order to underwrite your loan, your lender will require several documents to verify that you are a solid candidate for a several hundred thousand dollar mortgage. The days of "stated income" or "no doc" loans are over. In my opinion, the demise of these loan practices was long overdue.



But I Filed an Extension!

Filing an extension on your tax returns only buys you until October 15 to file your taxes. It does not mean that you can wait several years. You have six months. That's it!

If you are someone who is contemplating the purchase of a home but have not filed your taxes or have missed the extension deadline, have no fear. If you file your taxes now, you may still qualify for a loan. Your lender may require official transcripts of your tax return which can take up to six weeks to receive from the IRS. However, it does not destroy your chances for home ownership.

And remember: the IRS is a not an organization that you want to have on your tail. They will eventually make you comply with IRS rules and the penalties can be substantial.

** I am not a tax professional, attorney or mortgage lender. You should always seek the counsel of a professional if you have questions regarding IRS tax laws and mortgage lending requirements.

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(c) Copyright 2012 Kathryn Maguire.  All rights reserved.

Kathryn Maguire, MBA, GRI, ABR, SFR, and e-Pro  

The Real Estate Group

Serving all of Hampton Roads, Virginia, including Chesapeake, Virginia Beach. Norfolk, Suffolk and Portsmouth

(757) 560-0881 (Cell)

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Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Margaret Woda 01/20/2011 11:50 AM
  2. Ryan Case 01/20/2011 05:17 PM
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Anonymous #60

I am incredibly frustrated by this process. We have our financial house in order. We've filed and paid taxes on time EVERY year. We've provided our copies of the 2009 and 2010 W-2's, copies of our tax returns for 2009 and 2010, but closing has been put off two times now because the IRS cannot locate a copy of our 2009 W-2. Either our employer didn't submit it (ALL the other employees' W-2 were submitted) OR the IRS lost it.

Our employer has resubmitted this, but we've been told by the social security dept. (first step for resubmitting for the employer) that it could take 4-6 MONTHS for it to be verified!!!

WE didn't do anything wrong. We've got excellent credit, have a solid down-payment, have shown every detail about every financial transaction we've made in the last six months, but will now probably be out of the buyers market because this will hang on indefinitely!


September 21, 2011 10:22 PM
Anonymous #62
My husband did make a mistake, did not file his returns last year until a moth ago. Our lender told us he would only need the W2s, we went under contract for our house. Then he needed the returns. Now he needs the transcripts. My husband has been down to the local tax office twice this week, with no help. Not that I really expect them too, it is the IRS and did make the mistake. We are now twelve days away from closing. The documents have not even been processed by the IRS. Our lender still believes we will be able to close on time. Not only do I think he needs to find a new line of work, I also think our real estate agent who recommended him are out of their minds. Does anyone get, how slow our government is? Again, I take responsibitly and fully acknowledge the ignorance that my husband showed, as well as I for starting this process. I would however, like the individuals who are making a very good amount of money off of our business to provide us with some kind of realistic approach and competency.
November 17, 2011 12:26 PM
Anonymous #63

I just got in the same boat. I understand how it is important to have your finances all cleaned up before buying a house. I did the same thing but a little bit of presumption and procastinating has placed me in a terrible bind. As a W2 employee, single, no kids, no home, I usually do not owe IRS any monies when I file and thus am not really bothered about the deadline to file. In 2010 I received a lump payment due to the sale of the company I worked with, thinking that all witholdings towards IRS were done, I pushed the date of filing in 2011 till early 2012 because I figured I would not owe IRS anything ( I was wrong!). Turns out before going into contract to purcahse the house, I made sure I had filed  both 2010 and 2011 and discovered that I owed a substatial amount to IRS (basically due to the lump payment I was bumped into a different tax bracket). Well I filed the return, I unfortunately forgot to sign the document, so IRS returns the document and  you can imagine the delay this will have caused with processing the return. Fast forward to working with the lenders, I gave them all information, statements, documents that they needed. Then out of the blue, a day before closing..... they inform me that my 2010 transcript cannot be pulled and by law they will not go into closing! What a bummer! I called IRS and dsicovered that it was still being processed,  I am currently working with the Tax Advocay Agents in the hopes that they will push this as I have to be out of my current lease in two weeks. Now everything is on hold, the sellers are stalling with signing an amendment to extend the date of closing. My question is why will the lender wait until the dying minute to pull transcripts. I am not  an IRS agent neither did I study tax law so placing these expectations on first time buyers like myself is a little too much. Why are we not told at the front end of the loan process ALL the critical documents needed so that if things are not in a row, we would not go into contract and indeed go back and clean things up.

June 19, 2012 07:01 AM
Anonymous #64

I receive all of my income from an annuity from a lawsuit settlement that provides a sizeable amount each month for the next forty years.  This is not taxable income so no tax return is even filed.  How would i qualify with this?  It doesn't matter, my house is fully paid off.  

November 25, 2012 04:43 PM
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Kathryn Maguire

Serving Chesapeake, Norfolk, VA Beach
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