U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 04-01-2018, 04:40 PM
 
7 posts, read 7,032 times
Reputation: 10

Advertisements

My wife and I are under contract for a home and are filling out and signing loans with our credit union. I was under the impression that all that was needed was 2 years of tax returns and 2 years of w-2s... Well we go to sign the IRS release form and they are asking for 3 years worth (2014, 2015, 2016). They are not even asking for the most current year's taxes, and I was unemployed 2014 and 2015 and claimed as a dependent on my parents taxes. We have of course emailed our Loan Officer but it's a holiday weekend and I am now freaking out.

Are we screwed?
Reply With Quote Quick reply to this message

 
Old 04-01-2018, 06:16 PM
 
10,265 posts, read 6,495,798 times
Reputation: 10837
You can always find a different lender. tell them you don't have 3, that one year you did not have to file and if they want the loan to go forward accept it or you will find a lender who only needs 2 years.
Reply With Quote Quick reply to this message
 
Old 04-02-2018, 03:53 PM
 
Location: on the wind
4,137 posts, read 1,540,807 times
Reputation: 14734
Hopefully the same reason you can't get hold of the loan officer is also the reason you won't lose this financing at this very moment.

One of many reasons it makes sense to get pre-approved before house shopping.
Reply With Quote Quick reply to this message
 
Old 04-02-2018, 03:55 PM
 
Location: Austin
7,077 posts, read 16,889,211 times
Reputation: 9484
Many lenders aren't asking or 2017 because they know many people haven't filed yet. If you've already filed for 2017, tell them you have 2017, 2016, and year-to-date paystubs for 2018.
Reply With Quote Quick reply to this message
 
Old 04-03-2018, 09:00 AM
 
7 posts, read 7,032 times
Reputation: 10
Quote:
Originally Posted by AllisonHB View Post
Hopefully the same reason you can't get hold of the loan officer is also the reason you won't lose this financing at this very moment.

One of many reasons it makes sense to get pre-approved before house shopping.
Not sure what you mean, we were pre-approved through them, before we ever spoke to a real estate agent. They only asked us about the last 2 years, 2016 and 2017. The reason we couldnt get a hold of our Loan Officer was becuase she took yesterday off and banks aren't open on Sundays...hoping to hear from her by lunch time today! If not I will be calling.
Reply With Quote Quick reply to this message
 
Old 04-03-2018, 09:04 AM
 
7 posts, read 7,032 times
Reputation: 10
Quote:
Originally Posted by FalconheadWest View Post
Many lenders aren't asking or 2017 because they know many people haven't filed yet. If you've already filed for 2017, tell them you have 2017, 2016, and year-to-date paystubs for 2018.
We did tell them this! And have also offered to drop off the taxes that we have so they can compare them. Hopefully we hear good news/calming news by lunch time.
Reply With Quote Quick reply to this message
 
Old 04-03-2018, 03:12 PM
 
Location: Austin
7,077 posts, read 16,889,211 times
Reputation: 9484
Quote:
Originally Posted by leighc91 View Post
We did tell them this! And have also offered to drop off the taxes that we have so they can compare them. Hopefully we hear good news/calming news by lunch time.
Then, it sounds like you've got a dud and need to head down the street to another, more capable lender.
Reply With Quote Quick reply to this message
 
Old 04-03-2018, 10:47 PM
 
Location: on the wind
4,137 posts, read 1,540,807 times
Reputation: 14734
Quote:
Originally Posted by leighc91 View Post
Not sure what you mean, we were pre-approved through them, before we ever spoke to a real estate agent. They only asked us about the last 2 years, 2016 and 2017. The reason we couldnt get a hold of our Loan Officer was becuase she took yesterday off and banks aren't open on Sundays...hoping to hear from her by lunch time today! If not I will be calling.
I guess I don't understand...if you were approved and had your financing in place, why do they need more financial data now? They should already have asked for your tax info.
Reply With Quote Quick reply to this message
 
Old 04-05-2018, 05:42 AM
 
Location: MID ATLANTIC
7,598 posts, read 17,618,792 times
Reputation: 8078
Quote:
Originally Posted by leighc91 View Post
My wife and I are under contract for a home and are filling out and signing loans with our credit union. I was under the impression that all that was needed was 2 years of tax returns and 2 years of w-2s... Well we go to sign the IRS release form and they are asking for 3 years worth (2014, 2015, 2016). They are not even asking for the most current year's taxes, and I was unemployed 2014 and 2015 and claimed as a dependent on my parents taxes. We have of course emailed our Loan Officer but it's a holiday weekend and I am now freaking out.

Are we screwed?
It depends. Did you show anywhere on your application you were employed somewhere in 2015? They are only pulling transcripts for 3 years, not using for income verification. They are looking for any self employed income (losses). At most a letter explaining your employment situation would be required.

Not being able to reach your LO is of greater concern. Many of us don't sit on out emails, texting is your best bet today.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top