01-27-2013 08:47 AM
I'd like to use this years tax filing in my mortgage app. The mortgage broker said I just need my filed 1040 forms at time of app and the Lender will be the one to get the transcripts by having me sign 4506T form. I'm waiting for Jan30th to E file. How soon after that are these transcripts going to be ready? I mean, I know the estimated time for a refund is 21 days. So maybe after Feb 21st this transcript would be available if All goes well with filing? PS nothing unusual on my return - same as last years just more income.
How soon in your opinion would I be safe to go look at the house and put in a contract and begin that process?
01-27-2013 09:01 AM
I can't imagine the transcript will be available any sooner than 2 weeks after you file. That said, I would start looking right away. Although it's a buyer's market in many areas, you probably won't find the perfect home right away. If you really want to be sure, start the preapproval process in a couple of weeks. The lender can go ahead and send off for your transcripts which should be available by then. The process of approving you should only take a couple weeks, but if you go for a nonconventional loan there may be additional waits down the road. This won't really impact a home contract unless you're doing something like a USDA loan where secondary approval can tack 30-60 days onto the wait.
01-27-2013 09:12 AM - edited 01-27-2013 09:13 AM
Will go FHA and we do have a house in mind.
Broker did pull my credit and verify income to see where I stand and said I was good except I needed to remove a dispute comment from one 6yr old collection account. TU & EX removed it, but Equifax/csc did not. Twice they come back saying account has been verified and yet the comment still remains "consumer disputes". I just sent off a certifed letter informing them I no longer dispute to please update with acccurate information, being that its no longer in dispute and since they HAVE already verified the dispute is over etc etc.
So, maybe I have to wait for that comment removal but was ALSO wondering about my 2012 tax return.
Thanks I feel the same.. that i may be safe to move forward, slowly.
01-27-2013 09:24 AM
01-27-2013 09:45 AM
I had quite an ordeal with my taxes. As I understand it, the IRS accepting your return is fairly instant. eFiling, for example, will ensure they have it right away. This is enough to get the lender started since they really just need W-2's, 1099's if applicable and the returns themselves which you should have copies of.
However they will verify all this by pulling transcripts from the IRS. The transcript on recently filed stuff typically takes at least the two weeks to show up (8-12 if it's for a previous year) because they're sort of like an account statement for you. They're an internal document showing line items from your returns as well as any balance you might owe for the year in question. This is the part that might take awhile, but I would be very surprised if yours wasn't available by 2/21. AFAIK all lenders have to pull these transcripts, as they're the only real way for them to verify that the returns you provided are indeed the returns that you filed with the IRS. They will also reflect that the IRS accepted them and any modifications they might have made.
Best of luck!
01-27-2013 12:37 PM - edited 01-27-2013 12:39 PM
"As I understand it, the IRS accepting your return is fairly instant. eFiling, for example, will ensure they have it right away. This is enough to get the lender started since they really just need W-2's, 1099's if applicable and the returns themselves which you should have copies of."
THANKS SLAPPYMANCUSO - this makes complete sense.
THANKS MOVINGFORWARD - I do file with H&R Block and sounds like I'm in good shape. so far!
01-27-2013 02:50 PM
01-27-2013 04:14 PM - edited 01-27-2013 04:15 PM
As someone who has experience with waiting for taxes to go through..Expect a 6-8week wait after your taxes have been filed for any type of transcript to be available, or for a form 4506-t to be executed. It could be shorter if your getting a refund, as those are processed first, but every agent ive talked to while waiting for my transcripts to be ready has quoted 6-8 weeks.
01-27-2013 05:30 PM
Thanks for that reminder, anything really could go wrong and a return delayed even longer than expected.
So I'll at least wait until I E-File & recieve notification that the IRS has accepted my return (takes about 2-3 days after filing), before moving foward.
I know nothing is guaranteed and anyting could always still go wrong.
I am expecting a refund via direct deposit.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.