Question about 6 month qualification expiration.

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  • #74267
    sweetlilly
    Participant

    My current 6 month qualification ends sometime in April.
    Question I have is, If I am able to get a home under contract BEFORE the qualification runs out, am I still required to submit my 2020 tax return.
    My current qualification is based on (amongst other things) my 2018/2019 tax returns/transcripts.
    For the records I have uploaded my 2020 W2 to my Webfile account. No taxes filed yet for 2020.

    #74268
    Nelsont
    Member

    File your taxes as soon as you can.

    As long as you go to credit access before April the 6 month expiration is nullified (though it’s really just out of formalities anyway).

    But if your closing date is April 15 or later the bank will require you file before you close. They don’t want the IRS putting a lien on your house.

    #74269
    sweetlilly
    Participant

    Thanks for the heads up sir.

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