Home Buying in Norwalk>Question Details

maroberts108, Home Buyer in Norwalk, OH

We're applying for an FHA loan on a HUD home but I do not have 2 years of taxes, I only have 2011. Will that be a major problem?

Asked by maroberts108, Norwalk, OH Tue Jul 31, 2012

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It depends on what you were doing in 2010 and what you are doing now. For example, if you were in prison back then you wouldn’t necessarily have a tax return but it would be easy to verify residency, you need two years of that. If you were in school in 2010 a copy of your transcript is the tool. If the job you have now isn’t based on commissions but rather a regular wage it probably won’t be a problem. Don’t be scared to sit down with a loan officer face-to-face and review everything, we are people too and won’t hurt you.

Yeah, I know, you are busy, don’t want to take the time to do it right from the beginning, then drag it out, wait until the interest rates double or triple then see how important this is today. Hindsight is 100%, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Tue Jul 31, 2012
Ask your lender for a waiver of the second year of taxes. See what the lender says.
0 votes Thank Flag Link Tue Jul 31, 2012
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