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Bare necessary information needed for refinance

Are there any mortgage refinancing options based only on one year of tax returns? If not, what is the bare minimum necessary for a refinance on a mortgage, I wish to avoid showing some bad credit and other debt delinquencies of 14-18 months ago. by jacob._813_466 from Baltimore, Maryland. Nov 4th 2011 Reply


Craig Warner (CraigWarner)
#400 ranked lender in California - 6 contributions

On a typical conventional refinance, where the borrower is employed, verse self employed, only W-2's are required.As far as credit with delinquencies it depends what kind of delinquencies your are speaking of.Give me a call and I can give you some counseling.

Nov 4th 2011
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Scott Kinne (Skinne)
#29 ranked lender in Virginia - 70 contributions

Most loans will be run through an Automated Underwriting system and IT will determine the documentation requirments that will be needed for the loan approval. Sometimes the approval may only require 1 year of Tax Returns for a Self Employed individual. However, based on your question, it appears your true concern is regarding your credit worthyness. Different loan programs will have different credit score requirements. If your credit score is below what is required you may need to do a few things to help raise your credit score. A good loan officer should be able to tell you what to do to clean up your credit and raise your score. Good luck!

Nov 4th 2011
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,414 contributions

Credit issues will be disclosed to the lender via the credit report. It's a profile of your credit, and cannot be run for specified dates, it's your credit history overall. As far as tax returns, most conventional products only require 1 year taxes, however lender overlays usually require 2 years. If your a hourly or salary paid employee, then only the W2's are necessary. Best bet is to contact a local mortgage broker, not a bank, and let them look at your complete scenario. He will be able to place your loan with the right lender for your particular situation... WilliamAcres.com

Nov 4th 2011
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Joshua Coombs (joshua)
#53 ranked lender in Washington - 6 contributions

The short answer is that not all loan programs require two years of income verification. The best answer is that full disclosure to your loan officer is always the best policy. He or she can direct you to certain lenders and loan programs which best suit your needs. In my experience, a vast majority of problems with loans could have been avoided if my clients had been more forthcoming in the beginning. Credit and debt deliquencies will be visable. They are on your credit report. It's best to deal with those issues early.

Nov 8th 2011
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