IRS TRANSCRIPT TRAP: The new loan guidelines have made loans more difficult than ever. Most all mortgage lenders now require 2 years of tax returns and a IRS transcripts that verify the returns. Loan underwriters will not approve the loan if the transcript does not match the return. Discrepancies could be due to identity theft or data entry errors by the IRS. Either way, this can be avoided by requesting transcripts early in the loan process, leaving enough time to make corrections before the loan commitment deadline.
FOUR POINT INSPECTION FOR INSURANCE: If a home does not meet minimum standards it is un-insurable and consequently un-loanworthy. The 4 points are: 1. Roof. 2. HVAC. 3. Plumbing and 4. Electric. ask your inspector to do a 4 point inspection and address any issues as early as possible to avoid 11th hour closing delays. If the property requires too much remedial work, then you may want to move on to another property. Call me if you have any questions.