To start, the good news is that the 2010 Tax Deadline has been extended to Monday, April 18th for those who need it.

Whether you are W-2, 1099, Self employed, etc. one thing for sure proof of income is needed for FHA loans and two years worth at that.

So, what does the tax deadline mean if you plan on or have applied for a home loan?

For the most part it just means that the 2010 income must be shown now and verified with possible exceptions for those who file for extensions after the deadline;  as oppose to sometimes being optional during the first quarter of the year depending on the approval and scenario.

As a reminder for those receiving and planning to use a tax refund for the purchase of a home, make sure it’s well documented, and if you owed taxes then keep in mind you may need to show proof of the check paid to the IRS.

 

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