As I mentioned in my last blog, and as you’ve undoubtedly heard all over media, the mortgage process is being affected by the government shutdown. Right now the biggest issue is that ALL mortgage applications are required to pull your tax transcripts. Due to the government shutdown this process is at a hault. Think this means you can’t obtain a mortgage right now??? Not true!
Although tax transcripts are still required, certain loan officers are able to avoid requesting tax transcripts from the IRS. Some lenders are able to manually underwrite loans with alternative options. Not all lenders and loan officers can do this though.
Some IRS offices in the Phoenix Valley are still open and if you bring copies of your tax returns they are able to verify their authenticity and certify them on the spot. By doing this, the lender is able to avoid requesting tax transcripts from the IRS.
There are certain limitations to this though. As of right now my loan officers are telling me that all new applicants must be employed and have verifiable employment. They cannot manually underwrite individuals who are self employed.
Rest assured, my loan officers are working diligently to determine other temporary work around solutions during the shutdown.
If you have any questions about obtaining a mortgage, please let me know and I will put you in touch with one of my preferred loan officers.
Lori Kennedy
Kennedy Dream Homes
Keller Williams Realty East Valley
http://www.kennedydreamhomes.com