I just received information that I will be having a tax audit, and want to buy in the next few months. Should I start the loan process first before the audit, or wait?

I would wait until after the audit is complete before seeking out a mortgage loan. During the loan process we verify your tax returns through tax transcripts and if you have to re-file a previous year return that could set you back several weeks or more during the loan process waiting for that new information to be verified. In addition if you find yourself in a position to repay money to IRS and you don't have it this is also going to create a kink in the process. Hope this helps.

The audit will have no effect on your purchase unless the IRS is requiring you to amend your returns.. Lenders will need to order a transcript of your return, but if you amend them, then it could take several weeks/month for the amended return to show up in the system.. This could delay your closing.. Other than that, there really is no reason you should wait.. Rates are awesome, and property values are increasing.. waiting will only cost you more.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Hello Stella a little more information would help as mention the audit may cause some delays and possibly miscalculation of your affordability depending on the complexity of your tax return will determine what effect it may have i.e business owner return or W-2 employee. I would welcome discussing it further I can be reached 240-750-8315 or email ballen@mdmortgageapp.com.