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Answers (4)
- Scott & Marla Wynn, "WynnTeam"
- Contributions:79
The FHA guidelines state that the IRS have to agree to subordinate the lien IF they have demanded first lien position. When I spoke with our underwriters they stated all that had to be met was #1-3 in my obvious post IF we did not anything proving the IRS did not demand the first lien position.
My thought is that each lender and their underwriters will have a slightly different variation on their interpretation of the guidelines but this is how my underwriters looked at it.
- Clay Branch, "Georgia Loans"
- Contributions:7836
If they were paying $1500 month they would have already paid off the tax lien, I think they mean $150/month. Dont they have to have IRS subordinate the lien on a purchase?
- Scott & Marla Wynn, "WynnTeam"
- Contributions:79
Yes. FHA states that any outstanding tax liens must be paid prior to a purchase using FHA financing UNLESS:
1. You have a written payment arrangement with the IRS
2. You have been making ON TIME payments for at least 12 months
3. You count the monthly debt into the calculations for qualifying
Sounds like you have been doing this so as long as the $1500/mo payment does not throw off your debt ratios you should be good to go with FHA financing.
I am actually working with a customer right now in a very similar situation and have him pre-approved with the tax lien installment payments counted against him.
1. You have a written payment arrangement with the IRS
2. You have been making ON TIME payments for at least 12 months
3. You count the monthly debt into the calculations for qualifying
Sounds like you have been doing this so as long as the $1500/mo payment does not throw off your debt ratios you should be good to go with FHA financing.
I am actually working with a customer right now in a very similar situation and have him pre-approved with the tax lien installment payments counted against him.
- James Callas, "ABBAUSA"
- Contributions:958
It seems to me that you need to clear up the amount owed to the IRS, but
I would contact one of the mortgage lenders here on Zillow (use the Mortgage Tab) and proceed to get pre-qualified if possible. If you have a lien not just a debt, you will need that cleared so your new property is not clouded.
Good Luck!
James Callas - Realtor®
I have a payment plan with the irs can I still gwt Fha with they include the taxes i owe in the loan
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