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Getting a Mortgage

I haven't filed taxes in quite a few years, I have paid but for what ever reason never filed, Now I'm wanting to buy a house, what are my chances of getting a mortgage? My credit is fair, don't have any judgements, Leans or anything against me. No student loans. by curtracer12580 from , California. May 8th 2018 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

More info needed.. If you are required to file tax returns, then tax returns will be required to obtain financing.. There are some "Non-conforming" type loans (hard money) which will allow you to purchase based on depots into your checking/savings account.. but these types of loans require large down payments and the rates and terms are rather high as well.. Realistically, you can pick up turbo-tax or something like that, and back file for the past 3 years.. once that's done, we can use your income on the tax returns for qualifying... As a lender, we only need 2 years of tax returns, but IRS rules have a statue of limitations on non filed returns.. and it's 3 years (assuming you are not committing fraud, then there is no statue of limitations).. so, in all reality, back file for 3 years, and you solve 2 problems.. Let me know if I can help.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

May 8th 2018
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,703 contributions

Assuming you were required to file, it is a big problem in the mortgage world. Because tax issues can become a lien on your property, mortgage rules require we look at your last two-years Federal tax returns. Never filed, back taxes due, and actual tax liens generally equal loan denial. The best advice is to simply go file your last 3-years of returns. Deal with the penalties, hope you don't own much, and get your world back on track. A month or two after filing, we should be able to verify your returns in the IRS system. From there, everything else is just back to normal loan underwriting guidelines.

May 17th 2018
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