In 2014 I took a position that was a salary W-2 position plus performance bonuses…then in 2015 I went to a 1099 position…now in 2016 I’m with the same company as 2015 with a W-2 salary position with performance bonuses. The question I have is that I am looking to apply for a mortgage before my 2015 income taxes are due, I plan on filing my taxes in within the next 2 weeks but am going to wait as long as legally possible before sending that check to the IRS. I have been in the same field of work for the last 8 years.
Will the mortgage lender require proof of the taxes owed being paid or just my tax returns showing the amount due? I have no past taxes due and no tax liens showing on any of my credit reports. My mortgage mid-score is currently right at 700 and looking at a number of different mortgage possibilities…I am a member of NFCU but can’t seem to get the answers I’m looking for through them without actually applying with them.
I am willing to show a higher taxable income in 2015 than in 2014 to qualify easily for the mortgage I am looking for…I will have pay stubs for 2016 to show income stability for this year. Income shown on paystubs will be north of $ 10,000 monthly ($ 6,000 salary p/month) and am looking for a $ 250,000’ish mortgage. I currently have about $ 600 – $ 700 p/month going out.
Basically my real question is how will they look at my tax return showing my income tax due without proof of it being paid yet? Will I have to wait to apply until I pay my taxes or can I move forward with pre-approval after my tax returns get back from my accountant? Thanks for all of your help!