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Established Member
Posts: 32
Registered: ‎01-31-2013
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Re: Filed 2011 2012 tax returns closing March26th

From what im reading CAIVRS is where tax debt comes up and only Federal funded programs require that. I think if i can do Conventional i can payment plan the IR$.

Gonna ask my LO to confirm this tomorrow. Sure would rather put $15K into my house up front.

 

Read something made me fall out of my chair earlier. If a family member gifts you say $10,000 to get into a house with 20% down the IRS will want some of that gift.

Now yer short again after they take 25%.

I mean who would have thought hey i want to help my son out heres 10 grande then have to send IR$ 5 grande for that right to gift yer son.

WOW!

 

 

Current scores: CK TU: 639, FICO EQ: 700, FICO TU: 707, FICO EX: 697 Lender pull 12/19/2012
Regular Contributor
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Registered: ‎01-11-2009
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Re: Filed 2011 2012 tax returns closing March26th

Established Member
Posts: 32
Registered: ‎01-31-2013
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Re: Filed 2011 2012 tax returns closing March26th

How nice of them.

 

Current scores: CK TU: 639, FICO EQ: 700, FICO TU: 707, FICO EX: 697 Lender pull 12/19/2012
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: Filed 2011 2012 tax returns closing March26th

You won't pay on it forever. I had a huge tax debt of $10,000 for 2005/2006 taxes. I am still paying on it but I am almost done. This year's refund will finally pay it off. You just have to setup those quarterly payments as others were saying to avoid adding to the problem. From what I have read on this board, you have to have at least 6 payments made to the IRS to qualify. I just closed on our home yesterday and it was FHA. Never during the underwriting process did they ask for proof of those payments. So I don't know if they can pull that up from your 45..T form or not. Perhaps one our mortgage experts could comment on what specifically the lender obtains from using that form.
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Established Member
Posts: 32
Registered: ‎01-31-2013
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Re: Filed 2011 2012 tax returns closing March26th

The 4506-T is just matching return with IRS with what you submitted.

Its the CAIVRS all FHA loans require that check for Federal debt.

FHA all tax has to be paid or on payment plan for minimum 6 months usually one year.

So if you havent been a plan with IR$ for 6 months dont even try FHA no house for you.

 

 

 

 

Current scores: CK TU: 639, FICO EQ: 700, FICO TU: 707, FICO EX: 697 Lender pull 12/19/2012
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