Application procedures for loans vary greatly amongst financial institutions. Among these are recent tax returns and proof of income for a specified time frame. You must submit W-2 forms and tax returns for the last two years. To make your life simpler, we take a different approach. Borrowers who receive base pay plus overtime on a W-2 simply need to process their W-2 transcripts. If you are a W-2 salaried employee with commission and bonus income that totals less than 25% of your base, you are eligible for this flexible plan as well.
How to Read Your W-2 Transcript
This form was issued by the Internal Revenue Service and lists all of your prior jobs, along with their respective pay and tax withholding amounts. Transcripts detail your employment earnings and the amount of tax withheld for the Internal Revenue Service. The transcript will reflect this data whether you were paid by the hour, a set salary, or a set amount per month.
The purpose of this is to verify your claimed income against the evidence you have provided in order to prevent any fraudulent activity. Income for that time period can be verified with these records.
The lender gets the application and uses the transcript as part of the mortgage underwriting process. Please provide us with the following details so that we may complete your loan application.
Do All Loans Fall Under This?
The data can be used for conventional, FHA, and VA loan applications. These are the most common forms of mortgages used for financing a house purchase.
In order to obtain this certificate, you must submit a request to the IRS by completing form 4506. You should apply early because processing times can be lengthy.
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