Lender requesting a ton of docs

[Michael Davidov]

I'm in the process of doing cash out refi's on 2 rental properties. One is with a portfolio lender, the other is with a Fannie Mae lender. I applied with both using only my W2 income which is sufficient to support the debt to income ratios. In addition to my tax returns, the banks want the tax returns for every company where I receive a K-1 even though I didn't base the loan app on this info. I have other entities with several other partners. I'd prefer not to provide all of these returns. Any thoughts on how to handle this? Thanks, Michael

[Shaun Weekes]

@Michael Davidov

I'm not sure about the portfolio lender, since you have doing the other loan with a company that will sell the loan to Fannie Mae you're going to need to provide your entire tax return including all schedules.  

Now the K - 1 you receive is that 1099 income from another company or 1099 income from one of your companies?

If it's a company that just pays you just provide K - 1's and the 1099 at the end of the last 2 years and you're golden.  

If you own the company you'll need to provide the 1065's if it's a partnership or 1120's if it's an LLC. They will also want to your K-1 and 1099 if it's applicable.

Sorry but that's what it is if you want Fannie or Freddie's money these days Sir.

I hope this helps.