Home Buyers are wise to file their 1040 tax returns early or by April 15th

Tax time is upon us and perspective home buyers should file sooner than later. This is especially true for commissioned, variable income, and self-employed persons. Being able to use 2013 income information instead of averaging 2011 and 2012 can be very helpful for many mortgage applicants.  After April 15th lenders will request copies of the filed 2013 1040 tax returns or the extension request. Persons who are K-1 partnership or Sub-S Corp will want to have copies of those returns along with their personal 1040's. Mortgage applicants must have filed federal returns to be eligible for government or conventional financing.