Do I Qualify for a Mortgage?

[Kay_Cee]

The tax liability started the the first year I had to file taxes after separating from my ex-husband, way back in 1985.  At the time, I made probably $32K and had no write offs, one child for which I got no child support and huge expenses to get back and forth to work and, rent etc.  It never occured to me to try and work something out with the IRS, and so I didn't file because I coldn't pay.  From there it snowballed.  I have since found religion and will never be in that situation again. I'm hoping to close on something by July giving them 12 months of payment history.  And, if I knew then what I know now, it wouldn't have happened!

[ShanetheMortgageMan]

Having 12 months of on time payments would certainly improve the chances of it not having to be paid.  It seems that your reason for having a tax liability is better than most, so after 12 months of on time payments I'd say there is a better chance than not of getting approved without having to pay them back.

[Kay_Cee]

Thank you for your professional insight.  I appreciate it so much!  Going to start looking and will keep you posted.  This forum is amazing and has been so much help to me!  Thank you again!

[webhopper]

Look into FHA loans for multifamily housing, you can get an FHA loan for a 2-4 unit property. I did this in 2008 when I purchases my first home which is a duplex. See if you can get sis to finance the car in her name, that payment is affecting your dti, and since she is not paying them directly, it counts against your monthly obligations cause you're on the hook for the loan regardless of who pays. The duplex was a great investment! Look at the website for American apartment owners association, it's for individuals who own rentals and small apartment units. Lots of good info there as far as developing a good relationship with tenants and choosing the right tenants based on screening tactics. It's free to join. I now own the duplex as an investment and I'm closing on a single family home on Monday.