Financing in USA>Question Details

printz7, Home Buyer in 19153

I am attempting to close a mortgage. 2010 and 2011 Tax transcript was requested from me. I had just recently filled 2010 because I did not believe

Asked by printz7, 19153 Mon Feb 11, 2013

I would receive any thing on the return. Now the lender is requesting 2010 transcript. I did file it but the IRS says it will not be ready for three weeks. However I did send the lender 2011 and 2012. Will that be good enough to close this deal?

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George Raymondo’s answer
I guess you didn't e-file your 2012 return right? If you had and you are a W-2 employee with a tax refund coming, these types of Federal Tax Returns are always the first to be processed by the IRS. My company allows one amended tax return in the past 2 years, one year must come up via 4506-T and in the case of 2012, the borrower can walk into the IRS with (2) copies. One for the IRS which will be turned in and other one the IRS will stamp. This is one we hand in to the Underwriter. My Underwriter Will accept that stamped copy so should theirs. There is a solution here, your Loan Officer needs to figure it out.


Best of Luck!
Web Reference: http://www.AFN-loans.com
0 votes Thank Flag Link Mon Feb 18, 2013
BEST ANSWER
The form the lender asked you to complete was the IRS 4506t to verify that the IRS transcripts match up to the tax returns you've provided.

If you filed 2011's & 2012's, and they can be verified by the IRS, you should be fine... however the IRS just started accepting them at the end of January, so they may be a couple weeks away from being able to verify you filed yours.

Lenders just need to see the most recent 2 years of tax returns, so I could see why they may have initially were requesting 2010 & 2011, because they thought 2012's were filed yet, but if you tell them that 2012's were filed then they should be able to provide a new one that only verifies 2011 & 2012's.

If you need the IRS to expedite the processing of your tax returns you can contact the IRS Taxpayer Advocacy Service (TAS) at http://www.irs.gov/uac/Taxpayer-Advocate-Service-6 and let them know you are in the middle of buying a home and you need the tax returns to be processed ASAP. I've had my clients use that in the past and it cuts down on the time it takes to process... usually to around 3 weeks (so I guess it's in line to what the IRS is already telling you).

Alternatively you could go to your local IRS office and ask them to stamp a copy of your tax returns as the ones you've filed, not all lenders will accept that, but some will... so ask your lender if they'll accept those before you take the time to go to the IRS office.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
0 votes Thank Flag Link Mon Feb 11, 2013
Shane gave an excellent, professional answer. As others have stated, the lender only can give you an acceptable answer. I suggest you and everyone KEEP COPIES OF TAX FILINGS for at least 5 yrs. Never know when you may need them. Best to you printz7.
0 votes Thank Flag Link Wed Feb 13, 2013
Thank you much
Flag Wed Feb 13, 2013
You would need to ask your Loan Officer what is acceptable for their requirements.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Mon Feb 11, 2013
You should probably be asking your lender these questions.
Best of luck!
Aaron Sims
0 votes Thank Flag Link Mon Feb 11, 2013
You'll have to ask the lender, not ask us in this forum.

They make that decision.

Good luck
0 votes Thank Flag Link Mon Feb 11, 2013
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