My husband is self employed. We applied for a new home through USDA Farmers Loan (chase is the underwriter). We have gone through pure hell with it so far. We had to have our accountant do an amendment to our taxes to pull off 18,000 of our legitimate tax write offs to show more income on our returns. This is going to cause us to owe an extra $8500 in taxes. My husband thinks it's worth it because as long as he's self employed, we are going to have to pay it one way or another, and we really want this house. Accounting lady told us that we have three years to file the amendment. The mortgage broker submitted our amendment and the first return with the package to underwriting. It was in underwriting for a few weeks...they kept telling us they would know "the next day." They REALLY checked us out.
We FINALLY got a commitment but they had a couple small conditions (obtaining a child support order from the court, etc). I did all that the next day.
yesterday at around 4 pm, the mortgage broker called and said that now my loan has gone into pre-closing quality control at the underwriting place and that I would have an answer by the 28th! What! Am I approved or not. She said she's never seen this before and does not know what this means. HER boss called in and asked broker lady to call me back and tell me he had some "real concerns" about my taxes and loan BUT he wouldn't call me back until mid day next Monday because he was out of town. Shouldn't this have been addressed A LONG time ago?
I told mortgage broker lady that if the concern is that the taxes haven't been filed, which they already knew, I am unwilling to file them until we are at the settlement table. I am afraid that they will then start messing with me about reducing my available income because of the taxes due and lost the loan anyway.
She said they told her to continue processing (appraisal and title work, etc). What is happening here? Does anyone have any clue if this is in any way normal?