Has any borrower filed an extension on their tax returns? 

All self-employed Borrowers are required to provide copies of signed individual (and business if appropriate) tax returns, including all applicable schedules, for the previous three years. AmMAC will not lend to self-employed borrower’s whose prior year tax return has been extended (unless they or a co- borrower have sufficient salary income to qualify exclusive of any self-employment income).

Are all borrowers on extended returns?

AmMac can only use the income from the borrower(s) that have not filed an extension.