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How important it is to have 09 and 10 tax returns available for loan?

Profile picture for nanku71
Yes I was a little late but I did file the returns. Now they have yet not been processed by IRS. If I have to close within a short time period, would this be a deal breaker? I am applying for FHA loan with 10% down. 
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May 15 2011 - US
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Answers (7)

Profile picture for shapiroamg
If the taxes were filed electronically, they will be processed a bit faster that if mailed in.
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May 16 2011
Profile picture for Georgia Loans
I agree, if your lender will accept the stamped returns that is the fastest way. Be sure to ask before doing that as some lenders including REMN will not take stamped copies since the evil doers have their own "IRS" stamp.:)  
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May 16 2011
Profile picture for 203K Specialist
Have your clients go to an IRS office and ask them to stamp the returns as recived by the IRS.  I recently had to do that for a client in a similar situation.
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May 16 2011
Profile picture for ShaneTheMortgageMan
Not sure why this link didn't work before, hope it does now.

Call the IRS Advocacy Group tomorrow and explain your situation, earlier this year they were able to get my clients return processed in 3 weeks.

http://www.irs.gov/advocate/
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May 16 2011
Profile picture for Carl Henker
Don't ask for a short escrow, you will not close without the transcripts from the IRS.  Your lender may offer a work around?  Some lenders may accept a stamped copy you hand carry to the local office or have produced at the local IRS office.  Check with your loan officer.
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May 15 2011
Profile picture for nanku71
Well I called IRS and they have the standard answer... It takes upto 6 weeks to process the returns. Now that will kill my closing date and I will be probably 2 weeks above it. What can be done in this case?
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May 15 2011
Profile picture for wetdawgs
Very important.
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May 15 2011
 

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