·    Access NQM

·    Edge NQM

·    Elite QM

IRS tax transcripts are always required prior to closing for all income types that require tax returns. The number of years of tax return documentation will be specified by the product requirements (including when the borrower is employed by a family member).

IRS personal tax transcripts are always required prior to closing for all income types that require tax returns. Business transcripts are not required. The number of years of tax return documentation will be specified by the product requirements (including when the borrower is employed by a family member).

·    1-Year W-2

·    1-Year 1099

Transcripts for the previous year are required.

Transcripts for the previous year are required. The year-end paystub, statement, or similar documentation may be used in lieu of the transcript when no record is found on the transcripts.

·    Fannie Mae

·    Freddie Mac

·    Conventional Investment Property

·    FNMA/FHLMC Second Home & Investment

·    VA

IRS tax or W-2 transcripts are required prior to closing:

·    When there is a relationship between the employer and borrower; and

·    At the underwriter’s discretion if needed to address red flags; and

·    When the most recent tax returns have not been filed.

IRS tax or W-2 transcripts are required prior to closing:

·    When there is a relationship between the employer and borrower; and

·    At the underwriter’s discretion if needed to address red flags; and

·    When the most recent tax returns have not been filed.

·    Fannie Mae HomeReady

·    Freddie Mac Home Possible

·    FHA

IRS tax or W-2 transcripts are required prior to closing:

·    When there is a relationship between the employer and borrower; and

·    At the underwriter’s discretion if needed to address red flags; and

·    When the most recent tax returns have not been filed.

IRS tax or W-2 transcripts are required prior to closing:

·    When there is a relationship between the employer and borrower; and

·    At the underwriter’s discretion if needed to address red flags; and

·    When the most recent tax returns have not been filed.

·    When the borrower is using a written verification of employment (WVOE) to verify income and the WVOE is not from a third party.

Application Date on or after 4/15/2024, but Note Date before 10/15/2024

If the borrower has not filed 2023 tax returns:

·    2022 W2 transcript or tax transcript(s) and the prior year (if applicable on products that require two years of income)

§ For wage earners wanting to qualify with 2023 income, the end of year 2023 paystub and 2023 W-2 or 1099 may be used in lieu of tax transcripts.

·    AND all of the following:

§ 2023 Extension (Form(s) 4868 and/or 7004) and proof that the tax payment was made (if applicable)

§ Tax transcripts confirming “No Transcripts Available” for 2023

§ For self-employed borrowers: 2023 P&L and 1st Quarter 2024 P&L

If the borrower has not filed 2023 tax returns:

·    2022 W2 transcript or tax transcript(s) and the prior year (if applicable on products that require two years of income)

§ For wage earners wanting to qualify with 2023 income, the end of year 2023 paystub and 2023 W-2 or 1099 may be used in lieu of tax transcripts.

·    AND all of the following:

§ 2023 Extension (Form(s) 4868 and/or 7004) and proof that the tax payment was made (if applicable)

§ Tax transcripts confirming “No Transcripts Available” for 2023

§ For self-employed borrowers: 2023 P&L and YTD 2024 P&L (underwriter discretion)