06-26-2010 07:14 PM
I have signed a contract on a home been pre-approved for the Mortgage. I'm going FHA route. I do owe money for last years taxes. I pay monthly payments for the balance. Will that be a problem trying to get the FHA loan finalized? I have just begun the process, the home appraisal will be soon.
06-26-2010 11:14 PM
yes it will. All past taxes have to either be paid, or in a payment arrangement that can be shown for the past 12 months. SO if this was last years taxes, the payment arrangement will not do it. You will have to pay the taxes.
06-27-2010 06:35 AM
Thanks, I do have a payment arrangement with the IRS was scheduled to be done paying in November. They agreed to a certain amount a month. I didn't want this to come up in the middle of process and delay things.
06-27-2010 09:40 AM
So far...I was preapproved in march 10, I am in a payment arrangement for several years taxes all lumped up in one arrangement. It was never a lien or listed on my credit report. My file has been before the underwriter and came back with conditions. The only thing she mentiones was she would pull another 4506T at closing. One had been already previously pulled and they pulled for 2008 as it was right before April 2010 tax deadline. Keep in mind I am still paying on the taxes from 2008. But from my research when they pull the 4506t they can not see exactly what you owe or if you have paid, simply line items from your return, Now I owed a small amount for 2009 but placed an extension as although it was small I was hoping I could close in time for the tax credit (I still have not its a short sale) So I was worried since the underwriter stated they would need a second 4506t at closing. I was worried because I had filed an extension that they could not pull my taxes. My LO stated as long as I have the proof the extension was accepted I should be fine. (again that was the LO not underwriter statement) But I believe that they simply want me to sign another 4506t at closing for audit purposes not neccesarily to be pulled at closing. Matter fact I am going to look at my condition letter again to confirm the verbage.
Ok I went back to confirm, she wanted A. use the 4506t to confirm my income from the IRS probably due to the fact on my w2 and paystub for my company list 2 different names. One is the DBA example Company ABC listed on w2 is DBA (doing business as) COMPANY XYZ on my paystub.
B. At closing have a signed and completed 4506t. (as I said probably for audit purpoes if need be in the future in case of default on loan ect.
I hope this helps.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.