Tax Credit Fha
May 9th, 2009
Question: I am getting a FHA loan and they are requiring tax returns?
I am one of the millions of people who tweaked the numbers a “little” two years ago. (Okay no bashing. I stopped and mentally prepared for an audit) Will this disqualify for the loan? I have been on my job for over 7 yrs and have decent credit. What are they looking for?
Answer: As a mortgage loan person who does FHA loans- I am looking for 2 years verifiable income. When tax returns are received we order a verification of them through a company called veritax. This proves that what you have given us, is what you filed. I’m not sure I know what you mean by tweaking the #’s 2 years ago? If you mean you didn’t claim all your income- well that means it will be harder to qualify since usually if we ask for 2 years returns it is because you are self employed, or commission based. Generally we average the last 2 years income to come up with your base. We are looking for debt to income ratio of 35%- can go higher if your lender underwrites manually.
Good luck
Bottom eyed for high-end in late 2010
Prices for more expensive homes likely will continue to fall until next summer, Anaheim Hills agent says.
First Time Home Buyer Tax Credit, FHA Loans, Low Mortgage Interest Rate Program
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