Home Buying in Dallas>Question Details

Mhowell421, Home Buyer in Sachse, TX

Can I have a co-signer who has a tax lien?

Asked by Mhowell421, Sachse, TX Fri Aug 9, 2013

In in Texas. My boyfriend and I have been in the same rent house now for about 5 years and we're more than ready to move. The problem is, he has a tax lien that he's trying to resolve and while I make good money ($75k), most of the houses we want that meet our needs are for more than I'd qualify for alone. He makes $150k , so it'd be ideal if he got the loan, but not sure we want to keep waiting. We both have great credit and no real debt other than my student loans. I would be a first-time homeowner, whereas he's owned 3 homes before. Could his being a co-signer increase how much I could get approved for? Can he even be a co-signer with a tax lien? Again, he's getting it resolved, but we know it will take a little time and we want to move ASAP! Thanks in advance.

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Ken Schopp’s answer
You will have to disclose the tax lien on the mortgage application. BUT, the IRS authorized a program two years ago called "Federal Tax Lien Withdrawal" This may remove the tax lien from the credit report if a few conditions are met. The conditions include amounts that are $25,000 or less, in a repayment program for at least three months and with an automatic draft for payment. He must also not have any other outstanding federal tax issues. This is program is only in regards to federal tax debt, not states and other entities. FYI, I like the answer by Karen Roberts. It looks like she did the research.
Ken Schopp
Credit Consultant, The Pettit Law Firm
469-358-1358
0 votes Thank Flag Link Mon Aug 12, 2013
For traditional financing..... no!
How big is the lien?
There may be a way to get it removed depending on the size.
Call me to discuss.



Tom Burris
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0 votes Thank Flag Link Sun Aug 11, 2013
I would suggest talking to a lender. Let me know if you need a name or two you can call me at 469-371-2899. I have good lenders that I usually work with and they will give you advice or alternatives that will be best for you. I'd be happy to help you with your home purchase, though.

Take care,
Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
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United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
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http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes Thank Flag Link Sun Aug 11, 2013
Talk with any lender for hard answers. However any lien will transfer to any property until it is paid.
0 votes Thank Flag Link Sat Aug 10, 2013
One alternative will be to get owner finance on a home, which means the owner wouldn't care about your credit etc.

But getting back to your question, Yes he can be a co-signer.

Check out http://www.keybankcorp.com for owner financed homes in texas
If you are looking somewhere else in texas, I can help you with the loan. call me.

contact info is on the website as well.
0 votes Thank Flag Link Sat Aug 10, 2013
Yes you can purchase a home with a Tax lein But need proof that it is being paid with in the last 12 months and it has to be include into the debts.
0 votes Thank Flag Link Fri Aug 9, 2013
If he has a tax lien no lender would approve loan FOR fact IRS can lien the property . Recommend

1. Either purchase a home without his involvement
2. Resolve tax lien issue purchase a home together.

My website is updated daily therefore saves you time search accurate information

Contact my office today where I can show you many amazing homes work with your family specifications.
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Lynn911 Dallas Realtor & Consultant
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0 votes Thank Flag Link Fri Aug 9, 2013
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