The Adams Team at
Rothwell Gornt Companies
I am NOT a mortgage lender. Please consult with a different lender if you are not comfortable speaking with your own. However, it is my understanding that two years of tax returns are needed. Thus, if you dont have returns for 2011 since an extension was done. You would simply show returns for 2009 and 2010. If those returns show sufficient income, you should qualify. If you do not, it may hinder you. The lender will have you sign a 4506, the IRS cannot respond to this until they have processed your return. So it depends on the IRS processing time of this return. You may want to call IRS to determine how long it will take them to process it. Usually if you sent it electronic, likely no more than three weeks.
I hope this answers your question.