Expect IRS Delays for Self Employed Borrowers
Posted by David Zadareky on Friday, January 14th, 2011 at 7:13pm.IRS says they will not start processing 2010 Federal Tax Return with itemized deductions until late February or early March 2011. This could be a problem for Self Employed borrower who want to use their 2010 income to qualify for a mortgage loan. The main reason there could be a problem, or delay, is because Lender's verify the borrowers tax returns directly with the IRS by filing a 4506T form. The 4506T form is used to validate tax return income.
Are you self-employed, do you think this will impact your decision to either refinance or purchase a home in the first quarter?
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