Financing in Orlando>Question Details

Javier Rodri…,  in Orlando, FL

Have anyone done loans for Puerto Rico buyers where their income tax transcripts do not reflect on the IRS form 4506, but the loan was approved anyway

Asked by Javier Rodriguez, Orlando, FL Sun Jul 17, 2011

I am having problems closing deals because of this reason and would like to know if there are any banks that would underwrite these type of loans. Any information is truly appreciated.

Help the community by answering this question:


Javier, I just confirmed with two lenders that can do these loans. Left you a v/m. Call me to discuss.

Jose Morales
Florida Mortgage Coach
“We Coach You Through the Mortgage Process”
1 vote Thank Flag Link Mon Jul 18, 2011
Shane, it is none of the above. The issue is that PR citizens file the local PR tax returns and NOT federal tax returns except for some federal employees working in PR which file either both or the US only. Therefore, lenders in the US have no way to verify the 4506 in PR because of a different system not to mention that they are in Spanish.

Javier, last I checked I had at least two lenders that would accept them if I could get them myself. Let me find out if this is still the case and I'll get back to you. Please send me an email so we can communicate outside of this forum.

Jose Morales
Florida Mortgage Coach
“We Coach You Through the Mortgage Process”
4 votes Thank Flag Link Sun Jul 17, 2011
There is always an explanation for why the 4506t results do not come back as verified, either:

1. The borrower did not file
2. The 4506t form wasn't completed by the borrower & lender correctly, or
3. The 4506t form isn't being processed by the 4506t verification company correctly
4. IRS entered the information incorrectly into their system

What are the situations your clients are in? If it's #1, then nearly all lenders are going to have a problem. If it's #2, 3, or 4 then there are much easier solutions, such as completing the 4506t form correctly, submitting it correctly, or getting the IRS to correct the information in their system.
3 votes Thank Flag Link Sun Jul 17, 2011
Good to know Jose, I was not aware of that information, thumbs up. I have only helped one PR resident purchase and we were able to do a tax return verification, but they did file in the US. I take it PR residents that file in PR have a different verification procedure? A quick search says it may be but my Spanish isn't very good. I suspect getting a copy of the transcript directly from wherever in PR one would get it from, as well as having it translated & perhaps notarized, would probably be necessary.
2 votes Thank Flag Link Sun Jul 17, 2011
Jose is correct. I have encountered the same issue with most of my PR residents looking to purchase investments here is Florida. The shameful thing is that Banco Popular, which began in PR and then moved to the States will also not provide the loan. I know of at least one large bank that will, but apparently not all employees have the same knowledge of what they offer. This particular bank approved my client, day before closing they denied loan based on this tax verification issue, we lost the contract, then a few days later the bank came back saying "our error, we do make an exception for PR residents"....a little to late.

Stick with Jose Morales, he knows his stuff.

Tony Vega
Charles Rutenberg Realty Kissimmee
1 vote Thank Flag Link Mon Jul 18, 2011
Hello guys,

I am a Mortgage Loan Originator in Puerto Rico for Preferred Mortgage, Corp.
Yes, Puerto Rico residents only declare taxes locally unless they work for the federal government that are obligated to do the local tax return and the US tax return. There are another residents that declare in the US for the convenience of applying for government assistance when you have 3 dependents or more.

If you need any assistance you can contact me.


Danny Ruiz
Cel. 787.344.4688
0 votes Thank Flag Link Sat Jul 9, 2016
0 votes Thank Flag Link Mon Feb 1, 2016
Puerto Rico is part of the United State but have their own local Internal Revenue Service called Hacienda Department , our IRS does not have any connection with Hacienda, for this reason the 4506 does not works for underwriting.
For this reason our Company design our own method & procedures to do this.
We request a Tax Certification from Hacienda, this certification has to be stamped in Puerto Rico, after this we have a CPA that do the translation in English and noticed it.
We close every days loans from Puerto Rico Residents if you need additional information, please send me an e mail to
Yes, I speaks Spanish and also are a Puertorican. I be happy to help you
0 votes Thank Flag Link Sat Aug 1, 2015
From IRS website:
Puerto Rico occupies a unique status as a Commonwealth of the United States. It has its own constitution and a system of government very similar to that of most states in the Union.
In 1917, Congress granted American citizenship to Puerto Ricans.
The Commonwealth of Puerto Rico falls under the jurisdiction of most federal laws of the United States. However, significant taxation differences exist.
Puerto Rican residents pay taxes to the Hacienda and pay no income tax to the United States on income earned in Puerto Rico.
Social Security taxes apply to residents of Puerto Rico, who are U.S. citizens. All native Puerto Ricans are U.S. citizens by law.
0 votes Thank Flag Link Thu Jul 30, 2015

We provide FHA, USDA, and Conventional Loans for Puerto Rico borrowers who live, work and file tax returns in Puerto Rico with a down payment as low as 3.5% of the price of the home. So if you have a client interested in obtaining financing please visit our website link and view our info video

Carlos Matos
1st Florida Lending Corp
Direct Mortgage Lenders (NMLS) MLD1069
2151 Consulate Drive - Suite #8
Orlando FL 32837
Tel. 800-655-1345
0 votes Thank Flag Link Fri Feb 13, 2015
I'm able to do these loans. I generally don't have to verify the returns with transcripts as long as we can prove with the IRS code that the particular client was not required to file US returns. (some PR residents are, and some aren't)

I'm available to help you at your convenience if you wish.

I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage. Everyone likes to raise their score!

If you like my answer, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
NMLS# 695929

Rate quote or live chat with me at the link below:
0 votes Thank Flag Link Mon Jan 20, 2014
In the past, obtaining Puerto Rico home financing in the US was very challenging; but not anymore;

At 1st Florida Lending, we specialize in home loan programs for Puerto Rico borrowers who live, work and file tax returns in Puerto Rico and can obtain FHA, USDA, and Conventional financing for a) Primary homes b) 2nd homes c) Vacation homes or d) and Investment homes in Florida with as little as 3.50 %.

Borrowers must provide filed Tax returns from Hacienda internal revenue, two months bank statements and pay stubs.

There may be some additional requirements and qualification scenarios with this program.

Call me for details.

Carlos Matos
Co-Founder / Chairman
1st Florida Lending Corp
Direct Lenders / NMLS #323206
A+ Rated by the BBB

Orlando Business Office:
2151 Consulate Drive - Suite #8
Orlando FL 32837
Office: (800) 344.1995
Cell: (321) 947.2408
Fax: (877) 401-9955
0 votes Thank Flag Link Mon Jan 20, 2014
Thanks all of you for taking the time to answer this very important question. Jose contact me right away and already we have him a file to work with and will have more in the future.

Javier Rodríguez
HouseStar Realty Group Inc.
Real Estate Broker
Lic: BK703443
Certified SFR Short Sale and Foreclosure Resource

407.429.5243 | Cell: 407.301.3401 | Fax: 407.373.0064 | eFax: 407.264.6260
Main Office: 1033 Semoran Blvd Suite 245 | Casselberry, FL | 32707 USA
Branch Office: 13538 Village Park Suite 260 | Orlando, FL | 32837 USA
0 votes Thank Flag Link Mon Jul 18, 2011
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