Do I need tax returns to qualify for a mortgage?

SELF EMPLOYED MORTGAGE LENDERS QUESTIONS AND ANSWERSCategory: Bank StatementsDo I need tax returns to qualify for a mortgage?
Thomas Martin Staff asked 2 years ago

The simple answer is No. You do not need tax returns to qualify for a mortgage. Tax returns are only required if your looking for the best interest rate available. Lenders such as banks and credit unions that sell their loans and offer the best rates offer fully documented loans. You will only apply for one of these bank loans if you claim all of your income and don’t have an extensive tax write off’s that lower your ability to qualify for the home of your dreams. 

For the borrower that do not show enough income on their tax returns but feel they bring in enough income to make the proposed mortgage payment there are other options. These loan applicants can qualify for out 12 or 24 months bank statement loan. These loans require no tax returns but require the borrower to provide bank statements to document their ability to make the mortgage payments. 

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