04-09-2009 07:48 AM
04-09-2009 09:12 AM
04-09-2009 09:19 AM
I think with tax debt you have to have 12 months payments.
The 2007 will probably have to be paid.
File an extension for 2008 which will roll it back to August. You will be fine to hold off paying 2008 until after.
04-09-2009 10:18 AM
Even if you file an extension you are supposed to make an estimated tax payment based on what you think you owe. It only extends when you have to file.
If you are eligible for USDA and are a first time homebuyer then contact your local USDA office. They have a policy on the books that basically states that if the loan will benefit the government because you owe a government debt then it is basically used as a compensating factor in doing the loan if somehow the government will be paid off. If you are a first time homebuyer and qualify for the tax credit then you could use that as a point in why they should do the loan. The IRS would receive the payment in full this year if the USDA did this loan for you
04-09-2009 10:46 AM
04-09-2009 10:55 AM
04-09-2009 11:02 AM
That is what I plan to do also once I am able to move forward with loan application. It only makes sense for the government not to use it to deny the loan but to make it a reason (along with all the other positives on the loan) to proceed with the loan.
Check with HUD and see what their policy is. They may also have the same reasoning on FHA loans. It is not like you have taxes due from 10 years ago. It is not uncommon for people to end up owing taxes and working out a payment plan.
04-09-2009 11:57 AM
If the lenders gets a clear CAIVRS report you shoulf be fine. You will need to disclose the debt.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
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.