Tuesday, April 17, 2018 is the deadline for filing 2017 Individual Tax Returns, or a valid extension. If tax returns are required for the loan, and 2017 returns have not yet been provided, the underwriter will add the below condition when applicable:
2017 TAX RETURN CONDITION
If loan has not or will not be funded by the April 17th tax filing deadline, 2017 tax returns are required to evaluate the borrower’s income/business. If borrower has not filed, an IRS “No Record on file” transcript and a valid tax extension must be provided.
ALLOWABLE OF FEDERAL INCOME TAX RETURNS - CONVENTIONAL ONLY
If tax returns are required to document income, the most recent year's tax return is required. The most recent year's tax return is defined as the latest return scheduled to have been filed.
The following describes which tax-related documentation is required for conventional loans, depending on the application date and disbursement date of the loan.