Taxes and Qualifing

I have never filed for taxes ever. This year will be the first time for me and no I’m not a youngster, I’m 47. I need to know this will affect my ability to get a mortgage. Anyone here know ? Thanks.

They will most likely require the past 3 years of Tax Returns to verify income. They will run your credit and calculate your DCR.

Even if you rent, most landlords run your credit, but no not require tax returns. I require proof of employment and contact the past landlords among other things.

If you are buying a home that you will occupy you may be able to get by with one year of tax returns as long as you can document what you have been doing prior to this year. If you are looking to buy an investment then it may be a bit moere difficult.

It used to be the case that two years of pay stubs could be used to document income in lieu of tax returns. I don’t know if this is still true, but you won’t know until you are applying for a mortgage and see what the underwriters will accept as verification of income.

If you can’t show a lender at least 2 years tax returns you are going to have to do some fancy explaining why you don’t have any. I don’t know have you have been able to go this long without filing any but since you did you might be able to explain your way out of not having them for previous years.

Kinda what I thought. Thanks everyone