IRS Help And questions

[armywifelong03]

So, we are going through our VA process right now and everything has gone perfectly.  We had our VA appraisal back and finalized within 8 days of contract and we have already been through our first round of underwriting with minimal conditions.  We have a closing date of 10/31, and could most likely close early, BUT, we are waiting on transcripts. Of course.  Does anyone know if there is any exception to the rule where these are concerned?  Could I have them sent to me and overnight my LO the unopened envelopes?  The thought of the government shutdown holding us up for two pieces of stupid paper is eating me alive, lol.  Any advice?

Also, does anyone have any experience with a mobile notary for closing?  We are a little nervous because we are first timers, but really have no choice.

THanks!

[DallasLoanGuy]

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@armywifelong03 wrote:

So, we are going through our VA process right now and everything has gone perfectly.  We had our VA appraisal back and finalized within 8 days of contract and we have already been through our first round of underwriting with minimal conditions.  We have a closing date of 10/31, and could most likely close early, BUT, we are waiting on transcripts. Of course.  Does anyone know if there is any exception to the rule where these are concerned?  Could I have them sent to me and overnight my LO the unopened envelopes?  The thought of the government shutdown holding us up for two pieces of stupid paper is eating me alive, lol.  Any advice?

Also, does anyone have any experience with a mobile notary for closing?  We are a little nervous because we are first timers, but really have no choice.

THanks!

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we cannot accept them from you...... some lenders can close without the transcripts IF you have them prepared by a cpa or hrblocky type place. some lenders still will not be able to regardless.

if using mobile notary.... close early if you can. i instructed a notary to fax for funding and they dropped the pkg in the fedex box and blew off the facing.... funded a day late.

[armywifelong03]

That's what I was afraid of. Ridiculous to think we may have to extend because of this childish nonsense. We do ours through TurboTax and have ZERO deductions ever. And, we are AD military, the easiest pay to verify. Oh well. It is what it Is. .

[armywifelong03]

I just read an article that listed 20 or more national mortgage companies or lenders who are suspending the requirement to have IRS tax transcripts during the shutdown, but are required to have the signed form in the file! This is music to my ears if ours does the same!!

[DallasLoanGuy]

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@armywifelong03 wrote:
I just read an article that listed 20 or more national mortgage companies or lenders who are suspending the requirement to have IRS tax transcripts during the shutdown, but are required to have the signed form in the file! This is music to my ears if ours does the same!!

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transcripts are a lender requirement..... not a fannie/ginnie requirement

we are closing without them.... we just skip selling to the banks and sell dorect to fannie/ginnie and retain servicing.....

lots of lenders can do this... or sell to a lender who also does it

[StartingOver10]

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@armywifelong03 wrote:

So, we are going through our VA process right now and everything has gone perfectly.  We had our VA appraisal back and finalized within 8 days of contract and we have already been through our first round of underwriting with minimal conditions.  We have a closing date of 10/31, and could most likely close early, BUT, we are waiting on transcripts. Of course.  Does anyone know if there is any exception to the rule where these are concerned?  Could I have them sent to me and overnight my LO the unopened envelopes?  The thought of the government shutdown holding us up for two pieces of stupid paper is eating me alive, lol.  Any advice?

Also, does anyone have any experience with a mobile notary for closing?  We are a little nervous because we are first timers, but really have no choice.

THanks!

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Don't worry about using the mobile notary. I have had quite a few closings with mobile notaries and usually they are very professional. Most of the f/c closings are closed with mobile notaries. Naturally, some are better than others.  I see that DLG had an issue with one recently, but I believe that is the exception and not the rule.  If you close in your Realtors office, then there is a fax right there (some offices still have fax machines...lol) and the notary can send off the docs immediately to the lender for funding. IIRC you are buying out of state and not near your Realtor, correct me if I am wrong, but if that is the case, most of us have franchise offices in every state that you can use. Just call your Realtor and they will make arrangements where you are located to close in an office close to you. It's free, its a service that your Realtor can provide. That way you have a professional atmosphere, immediate copies of everything, readily available fax, computer, etc.

[DallasLoanGuy]

indeed the exception..... done many of them.... this is the only problem i ever had.

[armywifelong03]

Thanks for the input, guys!  I really appreciate it.  We were scheduled to close 10/31, and today it got moved to 10/30, with us signing 10/29.  What happens after we sign and "close" on the 30th?  Is it funded same day? Do they send us our keys and stuff?  It is just so hard being removed from the situation.  Thanks!

[Gators1up]

This was a useful thread, I had the same questions.

[Elcid89]

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@armywifelong03 wrote:

Thanks for the input, guys!  I really appreciate it.  We were scheduled to close 10/31, and today it got moved to 10/30, with us signing 10/29.  What happens after we sign and "close" on the 30th?  Is it funded same day? Do they send us our keys and stuff?  It is just so hard being removed from the situation.  Thanks!

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TX is a wet funding state, so the loan should fund at closing or shortly thereafter the next morning. Your LO and/or title company can give you the specifics of your closing scenario though.