IRS doesn't have transcripts available

Asked by Scott Griffis , Mesquite, TX Sat Jul 7, 2012

We have an executed contract on a home and are concerned about our 2010 tax return. I had to refile the 2010 return this year and when I called to see if they had it they said they did but it was in processing and wasn't available for transcripts. Do lenders accept anything else? I could go to a local tax office to get a stamp of approval. They had my 2011 return, is there anything else we can do???

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Claudia Muller’s answer
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Sat Jul 7, 2012
Lenders are requiring tax transcripts prior to closing.

The lender needs to ascertain that the income you are claiming on your loan application are consistent with what you are reporting to the IRS.

I had a file that could not close in April until the IRS was able to provide the transcripts for this year. They were not yet available and we could not close until we were able to get to them.

My client, literally, went into the IRS office every day and asked if those were posted. We were unable to use a 'stamped' from IRS Must have through third party from IRS.
0 votes
David Lewis, Home Buyer, New York, NY
Fri Apr 24, 2015
Hey real estate pro in tx. I just had a lender suggest the local is office stamp my returns instead of waiting or extending a contract, so how much of a pro are you?
0 votes
Barbara Coker, Mortgage Broker Or Lender, San Antonio, TX
Wed Jul 11, 2012
A stamped tax return is only proof that it was filed, and it could be easily manipulated. A transcript is proof that this was the exact income provided to the IRS. It is accessed through secure sites, and is required by all conventional, FHA, VA and USDA lenders these days. You just have to wait.
Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
0 votes
Dixon Wong, Agent, Dallas, TX
Wed Jul 11, 2012
Hi there,

From my experience - most lenders accept a tax return with a stamp.

Just go down to the IRS branch in downtown and have them stamp it!

Good luck!

Dixon
Realtor
JP and Assocaite
http://www.findyourtexashome.com
dixondfw@gmail.com
0 votes
Lance Blakew…, Agent, Carrollton, TX
Sun Jul 8, 2012
I can refer you to a local IRS EA if that would help? Thanks
0 votes
Barbara Coker, Mortgage Broker Or Lender, San Antonio, TX
Sat Jul 7, 2012
Transcripts typically take 4-6 weeks to become available after you file your return. From my experience, you must have them. I couldn't find a standard lender who did not require them. You'd need to be "hard money" or non-qualifying assumptions (those loans went away in the late 1980's).
You'll probably need to extend your contract, so I suggest you coordinate between your Realtor and loan officer.
Good luck!
Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
0 votes
Kenneth "Ken…, Agent, Dallas, TX
Sat Jul 7, 2012
You may need that return for lender approval. Lenders have gotten much tougher on borrowers. Keep an open communication line with your loan officer. Do what they ask or say.

Good luck.

Kenny
0 votes
Dallas Texas, Agent, Dallas, TN
Sat Jul 7, 2012
It is your mortgage broker who needs to address your concerns. We are not a party involved with this transactions therefore more questions require answers.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

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