Home Buying in Boston>Question Details

hereinhull, Home Buyer in Boston, MA

W2 or tax return?

Asked by hereinhull, Boston, MA Sun Jan 9, 2011

my mortgage broker asked for w2's but i can only find my tax return. is this acceptable? i emailed my broker but havent heard back yet. just curious and hopeful.h

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7
You will need both W2's and your tax returns for your mortgage broker unfortunatley. However, if you do not have copies maybe your employeer can gather them for you.

You can get started with the tax returns and continue move forward while you are gathering your paper work.

Good Luck.
Sharon
0 votes Thank Flag Link Tue Jan 11, 2011
Steve, the transcript obtained by exercising the 4506 is more than 1 page, and it breaks down every line that is on the return. However, you are correct, it prevents people from committing fraud. I had a situation years ago where, on a spot audit before closing, ABN AMRO pulled a 4506 on someone, and the return they filed was nothing like what they gave me. And, the clincher is, they were a CPA. of course it was my fault when the loan was cancelled.
0 votes Thank Flag Link Mon Jan 10, 2011
You will need 2 years w2s and at least 1 years tax returns. If you receive commissions, bonuses or rental income you will need 2 years tax returns. Your employer will be able to send you your w2 and you can also check with whoever handled your taxes.

Marybeth - The lenders do not obtain copies of the tax returns from the IRS. We obtain what is called a tax transcript. This is a one page document that shows the income the borrower earned for the years in question. One purpose is to help prevent against fraud by matching the income on the documents the borrower submitted with what is on the trsanscripts
0 votes Thank Flag Link Mon Jan 10, 2011
Each underwriter requires different documents. The lender will most likely request you sign a document stating that they too can request a copy or copies of your tax returns for the last couple of years. You of course may also request off of the IRS site a copy of your W2. If you need any assistance doing this,just give me a call and we can go over it. Your lender will be reviewing your application and putting together your file for underwriting and may have other questions or requests for back up information. Please do not feel like they are only asking you for this additional information - that is not true, we are all being asked for extremely detailed information regarding our finances, employment and credit history inorder to qualify for a mortgage or loan.
Regards MaryBeth Muldowney, President and Founder, TradeWinds Realty Group LLC
http://www.TradeWindsRealtyGroup.com MaryBeth@TradeWindsRealtyGroup.com
0 votes Thank Flag Link Sun Jan 9, 2011
You will need to prove that all the W-2 income that is shown on your tax return is from the one job that you are saying you had, (or 2, whatever you told them). If, for example, you had a second job, and showed that amount of income for the 2 together, it could make a difference in qualifying you. An old employer should be able to get ahold of a copy of the W-2.
0 votes Thank Flag Link Sun Jan 9, 2011
Ok thanks. Do you think an old employer would still have them? I'm not sure what to do.
0 votes Thank Flag Link Sun Jan 9, 2011
You will need both for your mortgage broker
0 votes Thank Flag Link Sun Jan 9, 2011
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