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We are all set to close on our house... Been a long few months... Have to close by Sept. 30 to still get tax credit and now processor is saying they still need tax return verification?? What is this about??
I remember being asked for that before I closed. The IRS 5406-T if I remember correctly. I think it's a way to verify proof of income over the years. I don't think they actually pull your taxes, but what the ability to do so.
I get that they want to look at the taxes, we actually have a higher paying job than what we did in 2009. my issue and confusion come from it being less than a week before we need to close and it is just now brought up. I have given them entire tax return info.
They will pull their own transcripts to verify what your income reported matches what you file with the IRS. They will NOT just go by copies of your return. I closed August 16, and we had to show our cancelled check where our taxes were paid -- even though our transcripts showed it paid. Didnt make a lot of sense to me...but the banks hold the power, and the ability to hold up your closing. I think most banks (from what I was told by my friend who is an underwriter) must have at least 2 years transcripts on file to close the loan.