does my lender have to have all my tax info returned from the irs before we proceed?

During and after the shutdown some lenders were waiving the tax transcript requirement but the waiver issuance was only done on certain types of loans. It is my understanding that the IRS will be caught up on the backlog in a few days. Most lenders are now requiring the transcripts. Normally, it takes two to three days to get the tax transcripts back. Right after the shutdown ended I went down to the local IRS office with my client and we got the tax transcripts printed out for us right there. It is something you might want to try. Takes about 5 minutes for them to do it - altho the wait to talk to an agent can be longer. Good luck.

Yes, normally that confirmation is required. Waivers are sometimes possible if there is no reason to expect any discrepancy in info you already provided. Normally the IRS info is required early in the process while they are also waiting on the appraisal to come back so there is no delay. However, if you filed an amended return or only filed a couple weeks ago there could be a longer delay. I had one this Spring where the return was filed late and it took about a month for the confirmation info to be available. Until your tax return is accepted by the IRS the lender's hands are tied.

The lender will need your tax forms (copies) to begin processing your loan. During the loan process you will sign IRS form 4506-T which allows the lender to confirm your federal tax returns before closing with your tax transcripts. Most lenders will not close your loan before they receive your tax transcripts from the IRS.

All conforming loans require an executed IRS 4506-T prior to funding. Because of the shutdown, some lenders waive this requirement to fund, but the form would still be executed once the shut down was over.. however, now the government is back to work and because they were closed for 2 weeks, it's taking much longer for this form to be received.. and yes, lenders are now requiring this form prior to funding.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com