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Martian536
12 Posts |
 Posted - 05/12/2008 : 6:35:31 PM
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Hi. I have a client who's trying to get FNMA NOO full doc pricing but can't furnish his tax returns.. saying he reported a loss over the last 2 years.. He has 11 NOO properties and half of them are free and clear.. he can only show his income through his lease agreements and award letters for retirement...
Any idea who'll take this as full doc? Thanks |
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jstar
647 Posts |
Posted - 05/12/2008 : 6:43:22 PM
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Even if he reported a loss the income from the properties will show on Sched E of the tax return. He may not be reporting the full amounts of rent recieved to the IRS and is hesitant to provide you with tax returns. Fannie may requires tax returns if you have owned property over 12 months.
You may be able to use Wachovia
You will have to use a portfolio lender or SISA/SIVA |
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