EFFECTIVE IMMEDIATELY, IRS transcripts for Conventional, FHA, and VA loans are no longer required by Northstar Funding Inc Reducing the paperwork for these types of loan products is our way of simplifying the process, saving trees, and helping clients to
New Tax Transcript Guidelines
- IRS transcripts are not required for Conventional/FHA/VA loans
- IRS transcripts will ONLY be required for certain program guidelines such as USDA, Northstar Funding Portfolio, Jumbo, and Bond. However, underwriter discretion may require transcripts to verify income calculations or address red flags.
- W-2 transcripts may be required at the underwriter’s discretion to verify income calculations, or to address potential red flags when the 1040s are not used to document income or employment.
- Recent years’ W-2s are generally made available by the IRS in June of the current year. In some cases, underwriters may accept W-2 transcripts in lieu of W-2s.
- 1040, 1065, 1120 and 1120s transcripts may be required at the underwriter’s discretion to verify income or address potential red
- In some cases, underwriters may accept transcripts in lieu of tax returns, provided that the transcripts provide sufficient information to calculate an applicant’s income.
- A 4506T form is still required to be signed at the time of application and funding.
For more information, contact me today.