fredjoh7217, Home Buyer in Memphis, TN

can I buy a house if I owe the IRS?

Asked by fredjoh7217, Memphis, TN Thu Jul 11, 2013

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Clarence Clay…, Agent, Memphis, TN
Mon Dec 23, 2013
If you currently have a Federal Tax Lien, you cannot purchase a Home until that debt is satisfied.
0 votes
Mary Bohanon, Agent, Memphis, TN
Tue Sep 24, 2013
The debt has to be paid in full, and IRS giving clearance of that particular debt, in order for you to go forward. Sorry!! we have to pay the IRS what's owed.
0 votes
Thomas Moser, Agent, East Northport, NY
Fri Jul 12, 2013
Check your credit report to see if the debt appears there or if the IRS has filed a lien against you.
0 votes
Bob Brown, Agent, Bartlett, TN
Fri Jul 12, 2013
Several variables can be involved in this issue. You safest bet is to contact a lender of your choice and get their advice on your ability to purchase a home. You can contact Vivian Smithey at the Bank of Bartlett - 901-382-5999. She has all the answers for purchasing a home. Then you can call me for help with finding a home.

Take care and have a blessed.

0 votes
Jason & Laura…, Agent, Memphis, TN
Thu Jul 11, 2013
IRS tax liens must be paid that we have heard. If you work out a payment plan with the IRS, the debt will be counted against your Debt to Income Ratio.

Hope this helps...
0 votes
Tanya Ess-Yo…, Agent, Marietta, GA
Thu Jul 11, 2013
It depends on the variables. How many years do you owe, the amount that you owe, what is your current credit score, etc. The best place to start is contact your CPA (Certified Public Accountant) and your lender. If you are currently on a payment plan you need to calculate this into your DTI (debt to income ratio) and provide all documentation and billing to your CPA and lender so they know what they are working with. Many loans require that your are in good standing with the IRS to be pre-qualified, etc. Some banks will allow you to use equity in order to purchase a home even in this event, however that is not always a guarantee. Ps. I would also contact a tax attorney to help with this process. Hope this helps, and best of luck to you in your purchase.
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