Q: Can you get an FHA mortgage if you are on an installment agreement with the IRS? Never been late on the payments, or delinquent in any way, doesn’t show up on credit reports.
A: Yes you may. Since it’s not a lien, all you would have to provide is a copy of the payment agreement & payment history on the tax lien. Usually has to be at least Continue reading
Q: My wife and I are applying for a mortgage. If I owe the IRS, can we still obtain a mortgage?
A: Owing the IRS money does not exclude you from being eligible for all mortgages. You may still be able to get a mortgage depending on the lender.
Most lenders will require that you payoff the IRS debt through the loan. Usually the lender requires this because they don’t want to have the IRS garnish your bank account or wages and then as a result miss you paying your mortgage.
However because you have an IRS debt you may receive a higher interest than borrowers who don’t.
It would be worth while to call a mortgage lender and apply for a loan and see what they tell you. Usually if you get turned down they will tell you why and what you can do to get approved in the future.
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