When a loan is submitted to underwriting, one of the things we have to provide is tax transcripts from the previous 2 years. Tax transcripts are not the same as tax returns. We order the tax transcripts directly from the IRS and the underwriter compares the income shown on the transcripts with the income shown on the W2's the borrower provides. The numbers are supposed to match, and this is how lenders make sure that the borrower did not provide phony W2's.
At this time of year, the IRS is backed up and they do not have transcripts readily available, but lenders still want to check the accuracy of the W2's that the borrower provides. Instead of the transcripts (which are not available yet for 2012), the borrower will need to provide their 2012 tax returns, and also proof that the tax returns have been sent to the IRS. It is VERY important that you have the proof that you sent in your taxes - having the returns is not sufficient. So make sure you keep a copy of the proof that your taxes have been filed.
You do not have to file your taxes prior to April 15 to get a mortgage, but if you apply for a loan after that date and you already filed your taxes, the lender is going to want to see proof that you actually sent them in to the IRS. If the transcripts are not available from the IRS, then you MUST have proof that you sent them in.
Bottom line is that if you plan to get a mortgage in the first half of 2013, keep the proof that you sent in your tax return.
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