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IRS transcripts and other income tax account information –
are as much important as your credit report: They are powerful tools to help lenders decide on your loan!
AND they all need to be accurate in order to attain
financing for your new home
…and to attain good rates!
So do check everything IRS has on your last 2 or 3 years files. Then correct any discrepancies right way - all before you begin any other part of your homebuying quest
I cannot over emphasize how important this is.
It is very little known that, when you apply for a home loan, one of the many documents you will be signing is the Form 4506-T (Request For Transcript Of Tax Return) - it authorizes the lender to ask the IRS to release your tax records for the last 2 or 3 years [can be 4 years].
It customarily depends on weather you are ‘employed’ or ‘self-employed’ …lenders tend to favor more those folks who ‘have a job’ and they will request only two years …where, maybe, for than those how work for themselves will have to present documentation for the past 3 years
…but not to worry, if you can show that you are making adequate amount of money for the type of home you want to buy, everything should be alright…
I have bought 5 homes thus far AND I have always
Regardless what your employment case may be, it is of enormous importance that the copy of your income tax return that you present to lender be as exact as what the IRS transcripts will show in their files.
much ado, let’s see how to get IRS transcripts:
Go to www.irs.gov
== > you will land on their home page – there you will see 4 pictures on top …below the picture of a man with glasses you will read “Tools”
== > click on the link “Get Transcripts of your Tax records”
== > When you land on that page you will see two blue box the first will give you the option of ‘Get Transcript ONLINE’ = chose this one, because it will be emailed to almost immediately …the other one will come by ‘snail mail’ ‘within 5 to 10 days…
==> In this box you will have a nice sub-menu = look very closely which option will fit best for what you are looking for
…and more info on how to get IRS transcripts. It is good to read it before you go to the next step …It is also very important that you keep precise notes of info you enter on each field because if you forget one of them you will have a hard time re-establishing it
== > OK, when you click on the ‘Get the transcripts online’ box, there will a disclosure for you to agree to, click ‘OK’
== > assuming that you are doing it for the first
time, you will need to create a Login – so enter the requested info on the left
side of that page = > please read ‘information you need to verify your
identity = then have it ready in order to proceed …after that in consequent
visits, you will enter the user id [on the right side]
Here is the information you need to verify your identity: The personal information you enter must match the information you provided to IRS on your most recent tax return. IRS uses the following information to verify your identity:
- head of household,
- married filling joint,
- married filling separate [and so on]
Note: Make sure you are reading directly from your filling copy – unless you do not have it. If you enter any of the information wrong, i.e., you filled as ‘head of household’ but you enter ‘individual’ they ‘will flag you’ …and kick you out of the system
You must also provide IRS with a valid email address, which they will confirm and use to notify you if your registration information changes. Your confirmation email should arrive quickly so check your junk folder if you don't see it right away
== > OK, with all that info in hand, click “get started’ button
Follow each of the steps and you should be successful to get it but again I caution for you make detailed notes of the info you enter there because sooner rather than later you need that info again and if you forget the info you have already entered, you will be kicked out of the system.
I shared this info for some of clients that did not know how to get IRS transcripts and they have it found it easy to navigate and get their issues resolve,
Best of luck!
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JC Fagundes, Associate Broker
EQUAL SERVICE TO ALL.
Residential. Commercial. Investments.