Posted on: 14th May, 2013 11:59 pm
Hello there... We have applied for a mortgage and everything is fine. But I realized today that we have provided only a year's tax return. The tax return of year before that show low income (around 50% less). The new higher levels of income will continue in the future! Will this affect our loan?
There may be a problem in order to get the loan due to the tax return. You will have to somehow prove that the higher levels of income will continue.
It depends on how the loan was underwritten. If the Underwriter is only asking for 2012, then you should be ok. If you are a business owner, then most underwriters will average your taxes over 2 years. Generally wage earners are ok with 1 year taxes. Good luck
