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My wife and I are applying for a mortgage. We are in a payment plan with the IRS and did a fair amount of research before we started this process to determine if we would be able to qualify. And it seemed the answer was yes. There were lots of requests for additional information which was expected and as of mid week this week, it seemed we were in sight of the end. Then this afternoon (one week to close) the loan officer asked us for a document that shows that the IRS debt will be paid in less than 5 years. Not a transcript showing the balance and payment history, which I presume they have since we submitted the signed forms for them to obtain those, and not the installment aggreement letter which we provided copies of. They specifically said the letter did NOT show the payoff term of the agreement. I spent half a day waiting on hold, talking to an IRS rep, getting transferred to another department, rinse repeat. After talking to 5 different departments they finally told me the only thing they could provide was the transcript. They faxed that to me and I will provide it to the loan officer, but it no more tells the length of the payment terms than the original letter. I'm afraid we are going to lose this deal. Thinking through it, I don't think the IRS could provide that definitively anyway because the interest rate is not fixed. It seems, that with the current interest rate, the current balance, and the payment amounts, the underwriter could just run their own amortization and see. If anyone knows what to ask the IRS for, please HELP!
Here is an update. I asked for an explanation and it turned out the underwriter was not aware that the IRS extended terms to 72 months. We had been paying for a few months and at the current interest rate would pay off in 62 months. Once we pointed them to the IRS documentation, they cleared the request.