Helping Washington State homeowners learn more about their mortgage options.
Most of our lenders are being flexible about receiving IRS tax transcripts during the government shutdown. However, once the shutdown is over, expect lenders to require IRS tax transcripts to be included on every transaction…and expect possible delays.
Lenders obtain tax transcripts on transactions to make sure the income provided on the application and other supporting documentation matches what is filed with the IRS. This is largely due to the fraud that happened during the mortgage meltdown.
As the government shut down continues, Congress has the debt ceiling the contend with by October 17, 2013, or our country will lose the ability to borrow. It almost seems “subprime” to me that our country has to continue to increase the amount of funds we borrow because our country went out to dinner and two glasses of wine (as President Obama explained it in a speech last week). Mortgage rates continue to be at lower levels. Once the government is back to work and the debt ceiling issue is resolved, in my opinion, we may see mortgage rates pop up.
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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