TIP OF THE DAY- 2018 TAX RETURNS

TIP OF THE DAY- 2018 TAX RETURNS

 

It is that time of the year when tax returns are being filed.  If you are required to have returns in your file, you will need to provide proof of the return being filed and received by the IRS.  A tax transcript (4506) will also need to be provided at the time of docs.  (This will probably show no record found at this point, however, we still need to have it).  If the borrower owes money, it will need to be paid, or you will need to provide a copy of the installment agreement and for conventional loans proof the first payment was made and for FHA the first three payments were made. (These payments cannot be prepaid).

justin brown