Posted on: 12th Jul, 2011 02:58 pm
If i owe the irs $3k and I owe the edd $30k will that stop me from getting a house? I am trying to buy a house with a $60k downpayment... if i owe the irs and edd money but it does not show up on my credit report does that mean i am fine? The irs balance is due from 2001 which is very old... can i still get a loan?
Welcome myteam,
If you have any outstanding debt, it will be better if you could pay it off before applying for a mortgage. The lender may not be ready to give you a mortgage if you have any delinquent debt or if you owe money to the IRS.
If you have any outstanding debt, it will be better if you could pay it off before applying for a mortgage. The lender may not be ready to give you a mortgage if you have any delinquent debt or if you owe money to the IRS.
how will they know if i owe money to the irs.. i do want to pay but $30k is a lot ... will need to do a payment plan or something.. but how will they know if i owe them if it is not on the credit report.
Hi Guest,
If you owe money to the IRS, it will be mentioned in your credit report. Unless it is mentioned in the credit report, the lender/creditor won't be able to know about it.
If you owe money to the IRS, it will be mentioned in your credit report. Unless it is mentioned in the credit report, the lender/creditor won't be able to know about it.
You should probbly work out a payment plan first. It is my understanding that there is a system that is ALWAYS checked when your loan goes through underwriting that searches to see if you owe any money to the federal government. Come to think of it, it may not apply if you don't use a government backed loan.
is the $8k stimulus for first time home buyer still avialable?
As far as I know, it's not available now.
If you do not have a bad credit history you can still have a chance to get a loan if you will have an expert to assist you of course.
Anything you owe the IRS could show up on title and/or credit report.
If not on credit report, it may or may not show up in the judgment search that is part of the title work done.
If not on credit report, it may or may not show up in the judgment search that is part of the title work done.
