Buying A Home
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newbie with closing frustrations!

Hi i'm new here! My husband and i recently "purchased a home" the offer was accepted on February 14th and we were suppose to close on Monday. About a week ago our underwriter sent us our loan commitment letter and everything was all set to go except for one thing. She had called the IRS to get our 2010 tax transcripts (and FHA requirement) and it came back no order, we filed our taxes in January so we thought it was just a hiccup and told her we'd call to see what was going on.

 That's when everything got out of control. My husband is self employed and made considerably more last year than in years past so we had to use 2010 taxes to get the loan approved. When we called the IRS we found out that since we owe money they would not process our taxes until the middle of may and we wouldn't be able to get our transcripts until then! We can't close on the house without them. The bank tried working with us and said they would accept a stamped and signed copy of our 1040 so we went to the local office and they couldn't do that because we e-filed or something. So here we are forced to push our closing date back by 2 months. I feel terrible for our sellers but there is nothing we can do about it!

 The worst part is that the lease for our town house is up on Saturday so we are forced to put everything we own in storage and crash at my parents house for 2 months. Such a huge mess. 

Re: newbie with closing frustrations!

  • I know that self-employment can be a pain when applying for a mortgage, which is why we left off DH's consulting income and just included his 9-5 job.  I know that for self-employment the bank wants to see several years worth of income data instead of the 2 month paystubs required otherwise.  I find it hard to believe that there isn't another way to prove your income, maybe he can use k-1 forms.  Also maybe you can give the bank a copy of your taxes that you submitted this year.
    October 2010 September SC - 1st Anniversary Plans:
    Trip to Prague & bring home furbaby when we get back
    image image
    ~ Karen ~
    **Wedding/House/Travel Bio **
  • we've given them a copy of our taxes, the confirmation from turbo tax plus some print out from the IRS stating that yes we have submitted them, but the bank says that they will only accept the transcripts or the stamped and signed 1040's. We've tried 2 other banks and they all said the same thing. Other than this we didn't have many issues getting our loan approved. it is beyond frustrating

  • These kinds of things happen.  Not every home transaction goes fast or smoothly--yes, it sucks for the sellers but they haven't been given a legal reason to leave the contract.  From a legal perspective each individual contract is it's own separate entity unto itself, unless you have a stipulated deadline put in by the seller, then you're okay.

    I do know the stress you are going through though; about a week before closing I broke out in hives mostly because I had never in my life dealt with the sums of money we were throwing around to get our home.  The best thing I can say is to remember it is a business transaction, going through the hoops of getting a loan and getting a house may seem like you're entire life is under scrutiny. While you are dealing with other's evaluating your financial worth, don't let it affect your own sense of self-worth. One does not necessarily entail the other. Positive thinking and taking time off to do other things besides worrying about your home purchase will help.

     

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