Home Buying in Dayton>Question Details

thomaskarns, Home Buyer in 45434

I have a credit score of 746 and income in the 150 k range. I have an lien from the IRS that is signed and been paid each month. Can I get a mortage?

Asked by thomaskarns, 45434 Tue Oct 15, 2013

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Hi Thomas,

No matter how good your credit report is, any mortgage lender wants to know how much money you make to verify that you have the income to repay the mortgage.

Lenders limit the amount that you can borrow based on your income and the amount of other outstanding debt you have to pay each month. It's not surprised that if you have in your account more than 25% for down payment and closing costs, it will be easy to get a mortgage.

All the best,

Maria Cipollone

http://www.Flahomespecialist.com

http://www.Linkedin.com/pub/maria-cipollone/32/735/81b/
0 votes Thank Flag Link Tue Oct 15, 2013
Craig is right. It does depend, and no one can say for sure without reviewing things in full detail so you should speak to a lender. I would be glad to give things a try if you want to give me a call. In the meantime, here is some general clarification.

Conventional loans generally require all tax liens to be paid off prior to closing. To my knowledge, Fannie Mae and Freddie Mac do not have exceptions to this policy.

If you are applying for an FHA, mortgage you are generally not eligible until the lien is brought current, paid or satisfied OR a satisfactory payment plan has been established IN WRITING and the IRS will verify that payments have been made as agreed (usually for at least 6-12 months). In addition, depending on the size of the lien, the IRS may need to agree to subordinate their claim to the mortgage. This means that the IRS could not take the home for non-payment of your lien. It's all about protecting the bank's interest in the home.

Some lenders offer "portfolio" mortgages - loans that they don't plan on selling and that only need to adhere to internal guidelines as opposed to Fannie Mae or FHA guidelines. These loans are typically harder to come by and they usually have higher interest rates and larger down payment requirements. You could look at those too.

Like I said, feel free to reach out to me if I can be of any assistance to you. We have the ability to both direct lend and broker the loan out, so we might have a few options for you.

Tony
0 votes Thank Flag Link Tue Oct 15, 2013
The best answer, without knowing all the answers is a big "maybe". Talking with my loan officer, it depends on the nature of how it arose, total amount due, and monthly obligation associated with the lien. As with all potential buyers I work with, my best suggestion is to talk with an experienced loan officer and share with them the supporting information, your income and other debt information, and allow them to pull your credit history. And I have an excellent experienced loan officer, working for a recognized lender, that I can get you in contact with. If she can look at your info, talk with her underwriters (the ultimate decision makers), she can get you an answer that will allow you to make informed decisions...before you invest time and money in the buying process...give me a call at your earliest convenience and I will be happy to get you in contact with her..thanks and have a great day! Craig Scanlon
0 votes Thank Flag Link Tue Oct 15, 2013
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