During the housing boom, lenders rarely required borrowers to provide copies of federal tax returns.
But today, lenders often ask borrowers to turn over entire tax returns.
Often, people will think they can bring in the first two pages of the tax return, and what they need to bring is the full tax return and all schedules because a person's full income picture is contained in the entire set of documents
Borrowers generally also will be required to sign a Form 4506-T, which allows the lender to retrieve a tax transcript from the Internal Revenue Service.
Lenders use the 4506-T tax transcript to compare the borrower's W-2s to his or her reported income. If the numbers match, all is well. If not, the lender will dig deeper.
Lenders are looking for income irregularities and evidence of loan fraud.... more
Mill Conversion/Loft CondosWhat is the market like for these mill conversion/lofty condos($198,000471 Silver Street Manchester, NH)? If I buy, will I be able to resell something like this? It looks really nic...