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Preparing for Tax Day

The deadline for filing 2017 Individual Tax Returns, or a valid extension, is Tuesday, April 17, 2018. For loans that do not close and disburse by the filing deadline, 2017 tax returns are required to evaluate the borrower's income/business. If borrower has not filed, a valid tax extension and IRS "No Record on File" transcript must be provided.

For Conventional loans with an application date prior to April 17th that disburse before June 30th, a signed letter from the borrower stating returns have not been filed is acceptable in lieu of a valid extension and IRS "No Record on File" transcript.

If 2017 tax returns have been provided in the file but the transcripts are not available yet, the following applies:
  • Obtain tax transcripts for the previous two years (2015 and 2016) or one year (2016) if allowed by guidelines and/or AUS.

Allowable Age of Federal Income Tax Returns - Conventional Only
When tax returns are required to document income, the most recent year’s tax return is required. The most recent tax return is defined as the last return scheduled to have been filed.

If today's date is... Then the most recent year’s tax return would be:
February 15, 2018 2016
April 18,2018 2017
December 15, 2018 2017

If you have any questions, please contact your sales relationship manager.

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