Looking to purchase a home and 2013 taxes not filed...

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Looking to purchase a home and 2013 taxes not filed...

Mandeep Randhawa
Real Estate Investor · Sacramento · Member since 2011 · 15 posts · 0 votes

will they want my 2013 taxes to be filed before I purchase which will be in late March early April? The reason I ask this is that I opened a dental office(S corp) in 2013 and it will show losses, but I would like to maximize the amount that I can get for a new home so would an extension on my taxes allow that for me? Or will they ask for a profit loss statement etc?

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  • Mandeep Randhawa
    OP
    Real Estate Investor · Sacramento · Member since 2011 · 15 posts · 0 votes
    12y

    I guess what I would like to know is...what's the best way to tackle this and maximize borrowing power.

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  • Pat Martin
    Knoxville, TN · Member since 2014 · 116 posts · 57 votes
    12y

    I think they will ask for 2011 and 2012 until after the deadline for 2013 taxes. But just call a mortgage person and ask to be sure.

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  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    12y

    Just wait to file - as long as you are purchasing before the deadline they wont ask for them

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  • Paul Weber
    Mansfield, TX · Member since 2013 · 9 posts · 19 votes
    12y

    Mandeep, conventional mortgagees will definitely want documentation of your credit score (they will run your credit) and documentation of your ability to pay (your income). As stated above they will initially require 2011 and 2012 but probably will request 2013 after the deadline. Liquid assets will work in your favor meaning high down payment (20% or more). For an S-Corp they may want profit-loss statements. There are some great loan originators out there and I agree with the statement above if you give one a call, they will advise you for the best way to get it done. Best of luck to you.

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  • Mandeep Randhawa
    OP
    Real Estate Investor · Sacramento · Member since 2011 · 15 posts · 0 votes
    12y

    Thanks for the quick replies.

    My 2011 and 2012 look good, my credit score is great, I will be doing 20 percent down, but I do have a high debt to income ratio so 2013 taxes won't look as good on paper. I have started to work with a loan agent recently, but just wanted to get another opinion from all the folks here.

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