Can underwriters used a stamped amended return from IRS to close FHA loan?
I'm currently in the final stages of buying my 1st home through a short sale. While in underwriting, an error was found where my return should property taxes paid. I have never owned a home and have filed an amended return with IRS. I took it to local IRS and have return stamped and send to lender. Can they proceed with closing or will I have to wait the 8-12 weeks for IRS? I don't think I have that long as I could get the short sale approval any day now...Please help and if there's anything I can do to speed up process or know lenders that will use stamped return, please let me knowThanks by frobro3684 from , . Jun 30th 2013
Kimberly Lawson (kilawson)
#54 ranked lender in Ohio - 150 contributions
Hi, Typically lenders will accept a stamped amended return, but for calcuation purposes only. Lenders (most, anyway) refuse to officially "close" unless/until the IRS can provide a lender with transcripts that show the same. Personally, I would have waited to amend the return for the extra refund. I would have waited until you were through with your financing. Since you have already submitted a revision/amendment, the only thing you can do is wait. Be honest about the situation with your realtor (or listing agent), whomever you're working with, explain what the situation is. Whether or not a lender can hold on to your loan file for another 3 months it will be up to your lender and how they proceed. Best of luck for speedy transcripts, Kim Lawson, Ohio Licensed Mortgage Loan Originator. Licensing and contact information can be found on my profile.
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