Can you get an FHA mortgage if you are on an installment agreement with the IRS?

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.

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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

I owe the IRS, can I still obtain a mortgage?

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.

The Mortgage Encyclopedia: The Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls, Second Edition

The Mortgage Encyclopedia: The Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls, Second Edition

The Mortgage Encyclopedia: The Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls, Second Edition

The bestselling one-stop guide to mortgages—updated for the post–housing crisis market!

The Mortgage Encyclopedia demystifies all the various mortgage terms, features, and options by offering clear, precise explanations.

Fully updated to address the new realities introduced by the housing crisis of 2007, The Mortgage Encyclopedia provides not just a complete description, but also in-depth discussion of the issues that may affect you, whether you’re a homeowner (or homeowner-to-be), real estate agent, loan provider, or attorney. With this handy, comprehensive guide on hand, you have instant access to:

  • Definitions and explanations of common mortgage-related terms, as well as arcane mortgage terminology, listed alphabetically
  • Expert advice on the most pressing issues, such as whether to use a mortgage brokers, the benefits of paying points versus a larger down payment, and the hazards of cosigning a loan
  • The truth about common mortgage myths and misperceptions—and the pitfalls you need to avoid
  • Helpful tables on affordability, interest cost of fixed-rate versus adjustable rate mortgages, and much more

So the next time you ask yourself such questions as “Is this FHA loan right for me?” or “Can I negotiate this fee?” reach for this indispensable guide and get the fast, accurate information you need!

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