I'm self employed & have been for over 2 years. So last month I applied for & was pre-approved for a home loan. I put an offer & contract on a house & sent in my taxes to my lender. Well anyone that is self employed will tell you that they claim as many deductions as they can so they pay less in taxes. I made $15k more in 2014 than I did in 2013 & my 1099 shows that. But, my tax return show that I made less so that I could pay less in taxes. Apparently this was a Huge mistake when it comes to getting a home loan.
My credit score is over 700 & I have the necessary down payment for the house. Well, after jumping through a bunch of hoops to get my Debt to Income down (I don't have hardly any bills except student loan) I was approved for the loan. Now, my F'n lender is wanting my Tax Transcript. I just came from the IRS office to get it & they told me that it will not be available till May or June!!! I close on my house April 27th!!!
So, I called my CPA to see what I can do. He said that sometimes the lender just wants a letter from the CPA saying that they have filed a tax return for me.
I'm now waiting to hear back from my lender on what else (if anything) they actually need from me.
Look, I get it. After the mortgage collapse in 08 lending has & needed to tighten up. But, I don't have any bills, have the down payment & good credit scores!!!
This whole process has been a stressful nightmare!!!
My credit score is over 700 & I have the necessary down payment for the house. Well, after jumping through a bunch of hoops to get my Debt to Income down (I don't have hardly any bills except student loan) I was approved for the loan. Now, my F'n lender is wanting my Tax Transcript. I just came from the IRS office to get it & they told me that it will not be available till May or June!!! I close on my house April 27th!!!
So, I called my CPA to see what I can do. He said that sometimes the lender just wants a letter from the CPA saying that they have filed a tax return for me.
I'm now waiting to hear back from my lender on what else (if anything) they actually need from me.
Look, I get it. After the mortgage collapse in 08 lending has & needed to tighten up. But, I don't have any bills, have the down payment & good credit scores!!!
This whole process has been a stressful nightmare!!!
