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question about the 4605t form

Posted on: 30th Oct, 2009 04:31 pm
I am self employed and recently was recently pre approved...or I guess more so pre qualified because the only information they asked was income...pulled my credit...and asked about my employment and how long i had worked there. But my real question is about the 4506t form. I signed the form but when doing so the loan officer told me that they normally dont request for the transcripts that only if there was an audit. I am suppose to close on the 12th and i am super stressed out about it. I gave them a copy of my tax returns signed by my Cpa. But since then after talking to my cpa who has been doing my taxes for years....I found out that the wrong income was filed to the IRS. We went back over the numbers and apparently some of the invoices of money that was mad was not filed. I will have to amend my taxes regardless but i really do not want this to affect the outcome of this loan. I really do not know what to do?? My loan package was turned in this past Tuesday and I have still not heard anything. I am suppose to do the walk through on the home on thursday. If you could shed some light on this situation i would be more then greatful! Thank you!
Well, I won't be able to let you know the exact time period within which the taxes are sent to the IRS. It would be better if you could get in touch with your tax adviser and he will help you in knowing the exact time period. You can even inform the lender about this whole issue in details. I'm sure he would understand your case.
Posted on: 14th Jun, 2010 02:41 am
A 4506T became de riguer earlier this year for all borrowers. One doesn't have to be self employed to have to provide one.
Posted on: 19th Jun, 2010 08:41 am
Yeah, if your 4506-t matches what you have put down on the loan application you will not have any problems. I would suggest wait for the loan to go through, then go after correction your income with the IRS and keep a record of that correction plus what you had before. That way if it ever becomes an issue it will show that your figured out the mistake after your home loan went through. If you do it the other way around you may not be approved for the loan and will probably have to re-do everything with the lenders.
Posted on: 20th Jun, 2010 04:26 pm
Close?
Posted on: 15th Apr, 2013 01:57 pm
Hi Guest!

Welcome to the forums!

This will be something which your lender will be able to clarify. You should get in touch with lender and ask him to set up the closing date ASAP.

Feel free to ask if you've further queries.

Sussane
Posted on: 15th Apr, 2013 10:28 pm
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