Apr 8, 2011
The primary reason is because IRS Tax Transcripts are now required on all loans under the Fannie/Freddie/FHA/VA/USDA guidelines. The IRS will not be able to process them and lenders will be not be able to close without these transcripts.
Also, many borrowers need to show a 2010 income from their newly filed tax return in order to qualify for a loan. If you need IRS verification of the submission or are providing proof of your 2010 Tax Return, you may be sidelined until the government is back up and running. [where: 75230]