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We just entered into a repayment plan with the IRS. Does the balance need to be paid off before we can get into a new home?

by norman.z436 from South Bound Brook, New Jersey. Nov 1st 2016 Reply


You would need to show evidence of a minimum of three timely IRS payments. Provided you qualify with and debt to income ratio including the IRS debt payments and credit. Call me with any questions.Ted ArkGolden MortgageBridgewater NJTel. 908-722-9217

Nov 1st 2016
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Nikitas Kouimanis (MrMortgage)
#9 ranked lender in New York - 101 contributions

What type of loan are you doing? If you are doing an FHA loan than its 3 months payments on conventional all you would have to have done is intiate the payment plan.

Nov 1st 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

More info needed.. but in general.. if you have an IRS lien, then the IRS would need to subordinate their position before you can purchase.. (unlikely to happen).. If there is no lien, then most lenders will want to see a 6 month on time payment history to qualify.. the IRS payment will factor into your debt to income ratio.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 1st 2016
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