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A new thought,,, If going conventional with 20% down does it matter if you just started a payment plan with IRS?
Heck with what i owe IRS and down i can combine the 2 into 20% down saving myself thousands in PMI payments.
I wondered FHA check becuase they are backing the loan. I think its an FHA requirement they be paid.
I dont think its the lenders, why would they prevent buyers from giving them money.
If i was loaning money to someone i would want all debt they owed me paid too.
Conventional should look at IRS payment same as a car payment or credit card bill.
Just count against DTI. With 20% down my DTI looks great 30% housing 47% overall after adding $100 to IRS each month.
Would save me $150 a month in payment on the house. $100 a month to IRS leaves me an extra $50 a month for beer and cookies.
over 10 years that 20% down will save me more than i owe the IRS today. Someone out there has to have gone conventional and had IRS stop his party if they do run that check. I cant find it on this site so i might be correct in hoping for this. I tell ya its a lot easier working to have 20% down than to send to IRS for the right to house shop.
I have barely got any work dont this week. No motivation.
We put an offer in on a shortsale. We offered market value so it should go quickly. Short sale quick im guessing 3-4 months.
I dont have time to be on payment plan, i will need the full $15,000 paid in full to IRS and 3% down comes to about $21,000 needed.
$26,000 is what i need for 20% down.
That $150 a month i would save can then go to IRS each month.
Be like paying that off with free money.
I aim to get a payment plan with IRS not pay it in full right away. Just pay them slowly till i die like a true American.
I just filed my 2011 2012 returns i have not gotten any letters.
If it doesnt effect conventional loans i would get payment plan for 2011 and the 4 payment option for 2012.
It would just suck to have to pay that all off 1st instead of having 20% down. Becasue that will cost me $18,000 over next 10 years in added interest and PMI payments.
Thats why i wondered does Conventional run the CAIVRS whatever thing checking your IRS debt.
@Anonymous wrote:I just filed my 2011 2012 returns i have not gotten any letters.
If it doesnt effect conventional loans i would get payment plan for 2011 and the 4 payment option for 2012.
It would just suck to have to pay that all off 1st instead of having 20% down. Becasue that will cost me $18,000 over next 10 years in added interest and PMI payments.
Thats why i wondered does Conventional run the CAIVRS whatever thing checking your IRS debt.
I think maybe you are confusing the quarterly payments with a payment plan. By guidelines, you are supposed to pay the current year's taxes via quarterly payments. The payments you make are towards the current year. In other words, quarterly payments made this year would be towards 2013 which you would file next April. As far as the IRS is concerned, your 2012 taxes will be considered due at the time of filing. You can do a payment plan and everything still, but there will be penalties included for not doing the quarterly filings.
In regards to letters, the IRS probably won't even acknolwedge what you sent them for 8-12 weeks. They will process any payments immediately, but even a check sent to them does not post to your account for a week or two. They will take your filings, process them and then contact you in the aforementioned time frame to let you know if what your return indicated you owe is what they feel you actually owe. It's all very convoluted as a self-employed individual which is why I finally broke down and decided to pay a CPA to deal with it!
Is the underwriter going to make the IRS thing an issue? As long as it is not showing up on your credit report as a lien that should not delay you in getting your loan. I has the same situation in which I went tot he IRS and told them what I was doing. They are not in place to try and impede you from buying a home, and yes they must be paid back. As long as you talk to them they will not put a lien even it it shows on your 4506-T that you owe. I had a balance, we still were able to close and I negotiated a payment plan with the IRS. IT can be done.
J