Posted on: 12th Mar, 2009 09:02 am
My husband and I owe the IRS about $10,000 for taxes when he was working for himself in tax year 2006 and 2007. We have a payment plan. With the payment plan, our debt to income ratio is still well below the maximum allowed by the lender. The lender checked our credit and gave us a conditional approval for an FHA loan so long as we bring in W-2s, tax returns, bank statements, proof of income etc. (the standard stuff for a mortgage.) I did not know if our tax situation was an issue so I didn't mention it (not to hide it, but I wasn't even thinking about it.) There is nothing on our credit report about a lien or anything. I know there is a system... CADIVRS or something like that they check during the process. Will this affect us getting the loan?
Hi anxiousbuyer,
I think you should inform the lender about the IRS taxes and the payment plan. It would be better if you could keep the lender informed about your situation. As you are already paying off the taxes under a payment plan, I don't think it will affect your chances of getting a mortgage.
Thanks
I think you should inform the lender about the IRS taxes and the payment plan. It would be better if you could keep the lender informed about your situation. As you are already paying off the taxes under a payment plan, I don't think it will affect your chances of getting a mortgage.
Thanks