Government Shutdown and Mortgage Financing Update:
Lenders require 2 years of tax transcripts from the IRS as well as Social Security verification. With the shutdown of the Government, these are not available. American Mortgage & Equity Consultants will allow conventional, FHA and VA loans to close without this verification, on a temporary basis, for borrowers who are not self-employed. Borrowers will need to provide 2 years of Federal Tax returns prior to receiving final approval. In addition, employment is verified with the employer prior to closing.
Self-employed borrowers will still need to have tax transcripts completed prior to closing.
Rates closed as follows:
30 YR: 4.375% (APR: 4.4%)
15 YR: 3.375% (APR: 3.65%)
7 ARM: 3.75% (APR 3.87%)
FHA: 4.00% (APR 5.7%)